March 11, 2020 / 4:25 AM / a month ago

BRIEF-Cathay Pacific Posts FY Profit Attributable HK$1.69 Bln

March 11 (Reuters) - Cathay Pacific Airways Ltd:

* FY PROFIT ATTRIBUTABLE HK$1,691 MILLION VERSUS HK$2,345 MILLION

* FY REVENUE HK$106,973 MILLION VERSUS HK$111,060 MILLION

* TO CONTINUE TO TAKE DELIVERY OF NEW AIRCRAFT IN 2020; PLAN TO TAKE DELIVERY OF 70 NEW FUEL-EFFICIENT AIRCRAFT BY 2024 UNCHANGED

* “WILL RETAIN FLEXIBILITY TO ADD CAPACITY BACK TO MARKET AS SOON AS WE ARE ABLE”

* HK EXPRESS REPORTED POST-ACQUISITION 2019 LOSS VERSUS EXPECTATIONS OF SMALL PROFIT; AIRLINE SUFFERED FROM REDUCED DEMAND DUE TO HK UNREST

* AS AT END OF FEB, PASSENGER LOAD FACTOR DECLINED TO ABOUT 50% AND YEAR-ON-YEAR YIELD HAD ALSO FALLEN SIGNIFICANTLY

* SUBSTANTIAL PASSENGER CAPACITY AND FREQUENCY REDUCTION IS ALSO LIKELY FOR MAY

* GROUP’S AVAILABLE UNRESTRICTED LIQUIDITY AS AT DEC 31, 2019 HK$20.0 BILLION

* SUBSTANTIAL PASSENGER CAPACITY AND FREQUENCY REDUCTION ALSO LIKELY FOR MAY, TO CONTINUE TO MONITOR AND MATCH MARKET DEMAND

* CUTS PASSENGER CAPACITY BY ABOUT 30% FOR FEB & 65% FOR MARCH & APRIL, WITH FREQUENCIES CUT ABOUT 65% & 75% OVER SAME PERIODS Source text for Eikon: Further company coverage:

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