August 8, 2018 / 4:15 AM / a month ago

Hong Kong's Cathay Pacific posts narrower H1 loss

Aug 8 (Reuters) - Hong Kong’s Cathay Pacific Airways Ltd on Wednesday swung to a narrower half-year loss, in a sign its transformation programme designed to cut costs and lift revenue was paying off.

The airline, which last year posted its worst loss for the January-June period in at least 20 years, reported a HK$263 million ($33.51 million) loss for the first half of 2018.

This is below a forecast for a HK$140 million profit issued by investment bank BOCOM International on Monday. Daiwa Capital Markets had forecast a net loss of HK$363 million.

Group revenue rose 15.7 percent to HK$53.1 billion in the first half, while passenger yields - a proxy for airfares- rebounded by 7.6 percent, Cathay said in a filing to the Hong Kong bourse. Yield on cargo services rose by 16.3 percent. ($1 = 7.8491 Hong Kong dollars) (Reporting by Jamie Freed in Singapore and Brenda Goh in Shanghai; Editing by Himani Sarkar)

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