March 11, 2020 / 4:25 AM / 22 days ago

BRIEF-Cathay Pacific Sees Substantial Loss In H1 2020

March 11 (Reuters) - Cathay Pacific Airways Ltd:

* DECIDED NOT TO DECLARE A SECOND INTERIM DIVIDEND FOR YEAR

* FIRST HALF OF 2020 WAS EXPECTED TO BE EXTREMELY CHALLENGING FINANCIALLY, WITH AN ALREADY REDUCED WINTER SEASON CAPACITY

* FY TOTAL FUEL COSTS DECREASED BY HK$3,110 MILLION

* H1 WAS EXPECTED TO BE EXTREMELY CHALLENGING FINANCIALLY, WAS BEEN EXACERBATED BY SIGNIFICANT NEGATIVE IMPACT OF COVID-19

* EXPECT TO INCUR A SUBSTANTIAL LOSS FOR FIRST HALF OF 2020

* FUEL CONSUMPTION IN 2019 WAS 46.6 MILLION BARRELS, AN INCREASE OF 1.7%

* EXPECT PASSENGER BUSINESS TO BE UNDER SEVERE PRESSURE THIS YEAR & THAT CARGO BUSINESS WILL CONTINUE TO FACE HEADWINDS

* CAUTIOUSLY OPTIMISTIC ABOUT CARGO FOLLOWING RECENT REDUCTION IN US-CHINA TRADE TENSIONS; MAINTAINED CARGO CAPACITY INTACT

* PROJECTED CONSUMPTION IN 1Q20 AND 2Q20 IS CURRENTLY BEING IMPACTED BY CAPACITY REDUCTIONS ASSOCIATED WITH COVID-19

* COVID-19 OUTBREAK RESULTED IN CHALLENGING OPERATIONAL ENVIRONMENT

* COVID-19 OUTBREAK WILL ADVERSELY IMPACT GROUP’S FINANCIAL PERFORMANCE, LIQUIDITY POSITION

* SUBSTANTIAL PASSENGER CAPACITY, FREQUENCY REDUCTION LIKELY FOR MAY AS WE CONTINUE TO MONITOR AND MATCH MARKET DEMAND Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below