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Cathay Pacific posts worst first-half loss in at least 20 years

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Cathay Pacific posts worst first-half loss in at least 20 years

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SHANGHAI (Reuters) – Cathay Pacific Airways Ltd <0293.HK> on Wednesday posted its worst first-half loss in at least 20 years, as it continued to lose customers to mainland Chinese competitors and booked higher costs related to fuel and restructuring. The loss of HK$2.05 billion ($262.07 million) for the six months ended June, versus a profit of HK$353 million a year ago, puts the Hong Kong airline on track for its first ever back-to-back annual loss since it was founded in 1946. Group revenue edged up 0.4 percent to HK$45.9 billion, while passenger yields – the average fare paid per mile per customer – tumbled 5.2 percent to $5.15, Cathay said in a filing to the Hong Kong bourse. Yield on cargo services rose 4.4 percent.

(Reporting by Brenda Goh; Editing by Stephen Coates and Himani Sarkar)
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