July 17, 2020 / 4:11 AM / a month ago

Cathay Pacific flags first-half loss of $1.3 bln as travel demand battered

SYDNEY, July 17 (Reuters) - Hong Kong’s Cathay Pacific Airways Ltd expects a first-half net loss of HK$9.9 billion ($1.3 billion), including impairment charges on 16 planes, the airline said on Friday, as the coronavirus pandemic crushed travel demand.

Earlier, the airline had flagged a “substantial” first-half loss and that it had burned through cash of HK$2.5 billion to HK$3 billion each month since February.

The first-half loss estimate compares to a profit of HK$1.347 billion profit in the first half of 2019, before widespread anti-government protests and the virus withered demand. ($1=7.7530 Hong Kong dollars) (Reporting by Jamie Freed; Editing by Clarence Fernandez)

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