SYDNEY (Reuters) – 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.
Its previous annual record loss was HK$8.7 billion in 2008, during the global financial crisis.
($1 = 7.7525 Hong Kong dollars)
(Reporting by Jamie Freed, editing by Louise Heavens)
