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Cathay Pacific Sees Second Half Loss Significantly Higher Than First Half

BW Businessworld Cathay Pacific Sees Second-Half Loss Significantly Higher Than First Half The airline reported a HK$9.87 billion ($1.27 billion) loss in the first half due to the pandemic. Analysts had on average forecast a full-year loss of HK$18.3 billion before the announcement Photo Credit : Hong Kong s Cathay Pacific Airways Ltd expects a significantly higher second-half loss than its record first-half loss, driven by low demand, restructuring charges and impairments on its fleet of planes, it said on Wednesday. The airline reported a HK$9.87 billion ($1.27 billion) loss in the first half due to the pandemic. Analysts had on average forecast a full-year loss of HK$18.3 billion before the announcement, according to 13 polled by Refinitiv.

Hong kongRonald lamHong kong cathay pacific airways ltdCathay pacific airways ltdChief customerCommercial officer ronald lamCathay dragonஹாங் காங்ரொனால்ட் லாம்ஹாங் காங் கேத்தே பெஸிஃபிக் வானெறிக்குழுப்பெயர் லிமிடெட்கேத்தே பெஸிஃபிக் வானெறிக்குழுப்பெயர் லிமிடெட்தலைமை வாடிக்கையாளர்வணிகரீதியானது அதிகாரி ரொனால்ட் லாம்கேத்தே டிராகன்

Cathay Pacific expects H2 loss to be significantly higher than in H1

Cathay Pacific expects H2 loss to be significantly higher than in H1 SECTIONS Last Updated: Dec 16, 2020, 02:49 PM IST Share Synopsis The airline reported a HK$9.87 billion ($1.27 billion) loss in the first half due to the pandemic. Analysts had forecast the airline would report a full-year loss averaging HK$18.3 billion before the announcement, according to 13 polled by Refinitiv. SYDNEY: Hong Kong s Cathay Pacific Airways Ltd said on Wednesday it expects a significantly higher second-half loss than its record first-half loss, driven by low demand, restructuring charges and impairments on its fleet of planes. The airline reported a HK$9.87 billion ($1.27 billion) loss in the first half due to the pandemic. Analysts had forecast the airline would report a full-year loss averaging HK$18.3 billion before the announcement, according to 13 polled by Refinitiv.

Hong kongNew south walesHong kong cathay pacific airways ltdCathay pacific airways ltdஹாங் காங்புதியது தெற்கு வேல்ஸ்ஹாங் காங் கேத்தே பெஸிஃபிக் வானெறிக்குழுப்பெயர் லிமிடெட்கேத்தே பெஸிஃபிக் வானெறிக்குழுப்பெயர் லிமிடெட்

Cathay Pacific sees second-half loss significantly higher than first half

Cathay Pacific sees second-half loss significantly higher than first half
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Cathay Pacific sees H2 loss significantly higher than H1

Article content As part of the restructuring plan, expected to cost HK$2.2 billion, the remaining pilots and flight attendants signed new contracts that resulted in permanent pay cuts. The airline expects to operate less than 50% of its normal passenger capacity in 2021 due to border closures. In the first half, it plans to operate well below 25%, but it forecasts a possible recovery in the second half as COVID-19 vaccines are rolled out more widely. To help bolster its balance sheet in the meantime, Cathay received a $5 billion rescue package led by the Hong Kong government in June. ($1 = 7.7525 Hong Kong dollars) (Reporting by Jamie Freed, editing by Louise Heavens and Mark Potter)

Hong kongNew south walesRonald lamHong kong cathay pacific airways ltdCathay pacific airways ltdChief customerCommercial officer ronald lamCathay dragonஹாங் காங்புதியது தெற்கு வேல்ஸ்ரொனால்ட் லாம்ஹாங் காங் கேத்தே பெஸிஃபிக் வானெறிக்குழுப்பெயர் லிமிடெட்கேத்தே பெஸிஃபிக் வானெறிக்குழுப்பெயர் லிமிடெட்தலைமை வாடிக்கையாளர்வணிகரீதியானது அதிகாரி ரொனால்ட் லாம்கேத்தே டிராகன்

Cathay Pacific Airways : Sees H2 Losses Being Significantly Higher Than H1 Losses

Cathay Pacific Airways : Sees H2 Losses Being Significantly Higher Than H1 Losses
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