Cathay Pacific posts record $1.27bln H1 loss amid pandemic

Revenue plunged 48.3% to HK$27.7 billion in the six months ended June 30

  
A Cathay Pacific Airways Airbus A350-900 airplane approaches to land at Changi International Airport in Singapore June 10, 2018.

A Cathay Pacific Airways Airbus A350-900 airplane approaches to land at Changi International Airport in Singapore June 10, 2018.

REUTERS/Tim Chong

SYDNEY: Hong Kong's Cathay Pacific Airways Ltd 0293.HK on Wednesday reported a record HK$9.87 billion ($1.27 billion) first-half loss and said it did not expect a meaningful recovery in passenger demand for some time due to the coronavirus pandemic.

The figure was in line with the HK$9.9 billion forecast it had flagged last month and included HK$2.47 billion of impairment charges. 

Revenue plunged 48.3% to HK$27.7 billion in the six months ended June 30 as it slashed passenger flying to a barebones schedule due to lower demand and border restrictions, though it added more cargo-only flights as freight yields rose 44.1%. ($1 = 7.7506 Hong Kong dollars)

(Reporting by Jamie Freed; Editing by Jacqueline Wong) ((Jamie.Freed@thomsonreuters.com;))

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