Reports lack of $97
Reports lack of $973 mln in first six months
Aided by cost-cutting measures, cargo demand
Analysts count on enchancment in H2
Provides chairman assertion
Aug 11 (Reuters) – Hong Kong’s Cathay Pacific Airways Ltd 0293.HK on Wednesday posted a HK$7.57 billion ($973 million) first-half loss, narrower than the prior yr’s HK$9.87 billion, on account of cost-cutting measures and robust air cargo demand.
The online loss for the six months ended June 30 was according to the corporate’s steerage that it could be “considerably” decrease than the prior yr.
Income fell 42.7% to HK$15.85 billion.
“COVID-19 continued to pose important challenges for the Cathay Group within the first half of 2021 and this continues to be the hardest interval in our historical past,” Chairman Patrick Healy stated in a press release.
The airline lacks a home market and has been flying a minimal variety of passengers through the pandemic, although its giant cargo enterprise has carried out strongly.
Cathay has stated it expects to cut back its month-to-month money burn within the second half as guidelines are eased for vaccinated crew and passenger capability rises to as a lot as 30% of pre-COVID ranges within the fourth quarter.
It’s more likely to report a HK$9.85 billion full-year loss, in line with the common of 14 estimates compiled by Refinitiv, which might characterize a much-improved second half.
($1 = 7.7824 Hong Kong {dollars})
(Reporting by Jamie Freed in Sydney; Enhancing by Edwina Gibbs)
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