Cathay Pacific posts worst first-half loss in at least 20 years
The airline, which is losing customers to mainland Chinese competitors, does not expect conditions to improve in the second half of the year
Shanghai — Cathay Pacific Airways has posted its worst first-half loss in at least 20 years and it does not expect conditions to improve for the rest of the year. The airline is losing customers to mainland Chinese competitors. The HK$2.05bn ($262.07m) loss for the six months to end-June, versus a profit of HK$353m a year ago, puts the Hong Kong airline on track for its first back-to-back annual loss since it was founded in 1946. Group revenue edged up 0.4% to HK$45.9bn, while passenger yields — the average fare paid per mile per customer — fell 5.2%, Cathay said in a filing to the Hong Kong bourse. Yield on cargo services rose 4.4%. "We do not expect the operating environment in the second half of 2017 to improve materially," Cathay chairman John Slosar said in a statement. "In particular, the passenger business will continue to be affected by strong competition from other airlines and our results are expected to be adversely affected by higher fuel prices and our fuel hedging posi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.