Cathay Pacific warns of $1.3b loss

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Hong Kong

Aircraft operated by Cathay Pacific Airways and its Cathay Dragon unit stand on the tarmac at Hong Kong International Airport. The group will record a net loss of approximately HK$9.9bn, which compares to a net profit to shareholders of HK$1.3bn for the same period in 2019,” the airline said in a statement. Hong Kong carrier Cathay Pacific issued a profit warning yesterday, estimating it will suffer a historic loss of HK$9.9bn (US$1.3bn) in the first half of 2020 as it reels from the coronavirus pandemic. “The Group will record a net loss attributable to shareholders of approximately HK$9.9bn, which compares to a net profit to shareholders of HK$1.3bn for the same period in 2019,” the airline said in a statement. Like airlines worldwide, Cathay has been battered by the evaporation of global travel during the pandemic. But the carrier is especially vulnerable because it has no domestic market to fall back on. In a stark illustration of the travel collapse, Cathay said June passenger numbers were down 99.1% year on year. “The landscape of international aviation remains incredibly uncertain with border restrictions.—AFP

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