Cathay Pacific Flags First-half Loss of $1.3 Billion As Travel Demand Battered
SYDNEY (Reuters) - Hong Kong's Cathay Pacific Airways Ltd <0293.HK> expects a first-half net loss of HK$9.9 billion ($1.3 billion), including impairment charges on 16 planes, the airline said on Friday, as the coronavirus pandemic crushed travel demand.
Earlier, the airline had flagged a "substantial" first-half loss and that it had burned through cash of HK$2.5 billion to HK$3 billion each month since February.
The first-half loss estimate compares to a profit of HK$1.347 billion profit in the first half of 2019, before widespread anti-government protests and the virus withered demand.
($1=7.7530 Hong Kong dollars)