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Cathay Pacific narrows first half loss to US$972 million
August 11th 2021
Hong Kong-headquartered Cathay Pacific Group has reported a net loss of HK$7.6 billion (US$972 million) for the six months to June 30 2021, an improvement from a net loss of HK$9.9 billion in the same six-month period in 2020. Read More » Revenue fell 42.7% to HK$15.9 billion, Cathay said in a regulatory filing to the Stock Exchange of Hong Kong, while non-fuel costs fell 33.5% to HK$16.9 billion. "COVID-19 continued to pose significant challenges for the Cathay Group in the first half of 2021 and this continues to be the toughest period in our history," Cathay chairman, Patrick Healy, said. "We are focused on prudent cost management and have continued cash preservation measures introduced in 2020.” Cathay's HK Express unit had a loss of HK$976 million for the half, a deterioration from the HK$779 million loss in the prior corresponding half. Cathay said it expected to reach 30% of pre-COVID-19 passenger capacity by the fourth quarter of calendar 2021. "This is dependent on operational and passenger travel restrictions being lifted," Healy said. "COVID-19 will continue to have a severe impact on our business until borders progressively open and travel constraints are lifted."
