Cathay predicts $1.3bn half-year loss | News | Airfinance Journal

Cathay predicts $1.3bn half-year loss

Export:

Hong Kong’s Cathay Pacific Group anticipates a HK$9.9 billion ($1.3 billion) net loss attributable to shareholders for the six months ended 30 June 2020. This compares with a net profit of HK$1.3 billion for the same period in 2019.

Cathay says this includes impairment charges amounting to approximately HK$2.4 billion, which mainly relate to 16 aircraft that are “unlikely to re-enter meaningful economic service again before the 2021 summer season together with certain airline service subsidiaries assets”.

In June, Cathay Pacific and Cathay Dragon carried a total of 27,106 passengers only, a decrease of 99.1% compared to June 2019. The month’s revenue passenger kilometres (RPKs) fell 98.8% year-on-year. Passenger load factor dropped by 59.3 percentage points to 27.3%, while capacity, measured in available seat kilometres (ASKs), decreased by 96.1%.

The two airlines carried 93,228 tonnes of cargo and mail last month, a decrease of 43.1% compared to June 2019. The month’s revenue freight tonne kilometres (RFTKs) fell 35.8% year-on-year. The cargo and mail load factor increased by 11.7 percentage points to 74.5%, while capacity, measured in available freight tonne kilometres (AFTKs), was down by 45.9%.

Earlier this week, Cathay Pacific’s shareholders passed the resolutions pertaining to the group’s HK$39 billion recapitalisation plan.

Shares in Cathay tumbled to their lowest price in more than 20 years on 15 July over concerns about whether the recapitalisation would be enough to save the airline, and due to a new Covid-19 spike in the city.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus ultrices urna eu consequat pulvinar. Suspendisse malesuada scelerisque iaculis. Cras ut facilisis arcu, posuere efficitur nisi. Fusce dictum tortor ac nibh rhoncus auctor. Praesent nunc felis, elementum vel orci quis, sodales tincidunt nisi. Vestibulum vestibulum vel erat quis feugiat. Nam nec pulvinar velit. Nunc feugiat felis lacus, non condimentum urna interdum vitae. In laoreet hendrerit commodo. Sed diam arcu, tincidunt quis augue ac, venenatis consequat dui. Quisque maximus venenatis erat, sed malesuada quam malesuada at. Aenean non quam a ex vulputate laoreet. Praesent eget neque convallis, rhoncus lorem a, venenatis metus. Maecenas sed malesuada purus.

Integer vel neque vel odio tempor laoreet. Praesent vel malesuada dolor, sit amet aliquam augue. Cras magna tortor, ullamcorper nec tristique ac, accumsan quis metus. Integer in magna sit amet leo vulputate vulputate. In pretium quam libero. Cras a pulvinar arcu, et rutrum orci. Proin euismod, justo quis scelerisque porttitor, purus odio dignissim ex, eu rhoncus lorem dolor sit amet mi. Pellentesque in massa vel mauris tempus euismod. Aenean efficitur vestibulum arcu ut elementum. Nam rhoncus ligula vel enim iaculis, quis luctus dui interdum. Nulla erat mi, lacinia eu orci ut, hendrerit fermentum lorem. Sed non gravida quam. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Nulla bibendum erat odio, pharetra lobortis eros blandit a.

In et ultrices ante. Vestibulum consequat libero quis quam tempor, efficitur accumsan lacus sollicitudin. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Phasellus ac est lacus. Quisque in interdum urna, non pulvinar sem. Duis tristique tortor vel urna commodo tincidunt sit amet ut sem. In sapien turpis, porta vitae neque in, varius egestas erat.

Interdum et malesuada fames ac ante ipsum primis in faucibus. Donec quis est vel ante facilisis efficitur. Pellentesque tincidunt odio eget lacinia vestibulum. Aliquam erat volutpat. Ut ac ipsum non nisi convallis eleifend et ornare lectus. Pellentesque diam nulla, dapibus quis convallis sed, posuere at urna. Proin tincidunt tincidunt nibh, id molestie est. Integer iaculis, leo sit amet pulvinar pellentesque, tellus elit vehicula ipsum, eget vulputate dui tortor vitae sem. Proin rhoncus venenatis tellus, vitae blandit ipsum malesuada sed. Morbi gravida magna hendrerit faucibus imperdiet. Ut bibendum a massa at efficitur. Donec egestas urna urna, sit amet mattis erat fringilla sit amet. Integer scelerisque enim sed odio semper molestie. Sed tincidunt malesuada nulla a fringilla. Nullam suscipit, justo nec facilisis efficitur, arcu mauris finibus lorem, ut egestas mi purus nec neque. Nunc nec euismod est, ac egestas neque.

Vivamus sit amet pretium quam, vitae fringilla dolor. In nec ligula arcu. Fusce a tortor leo. Sed blandit leo quis turpis sodales, eget tincidunt tortor ultrices. Fusce scelerisque eros quis quam vestibulum tempus. Praesent sodales aliquam nibh vel fermentum. Quisque vel diam sit amet sem convallis interdum. Proin ac velit molestie, malesuada tellus vitae, tempus est. Sed facilisis ut enim ac pretium. Mauris scelerisque fermentum risus, nec ultricies enim finibus vel. Aenean sem enim, dictum mollis aliquet nec, consequat nec nisl. Duis aliquam a lectus vitae ornare.


Regional Snapshot

Related Data

Transaction Snapshot
Air Company | Bond issue | 01-24 | $1.5bn
Financial Close:
11/02/2024
SPV:
Some Aviation Trust
Value:
$1,500.00m USD
Full Details