Cathay projects ‘substantial’ loss as virus follows protests

Cathay projects ‘substantial’ loss as virus follows protests

The Edge Markets - World·2020-03-11 12:18

(March 11): Cathay Pacific Airways Ltd. forecast its first loss in two years as the coronavirus hurts travel demand and aggravates the challenges facing a carrier that battled through the Hong Kong protests last year.

Hong Kong’s flag carrier is expecting a “substantial loss” in the first half of 2020, it said in a statement on Wednesday. That would be the first time the company lost money since the first half of 2018. Net income tumbled 28% to HK$1.69 billion ($218 million) in 2019, which was slightly better than the average estimate of six analysts tracked by Bloomberg.

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