Cathay Pacific turns loss of 9.865 billion yuan in half a year, no dividends, fuel hedging loss of 1.6 billion

Financial News

Written by: Lin Leqian

2020-08-12 12:11

Cathay Pacific Airways (0293) announced its first-half results. During the period, it recorded a loss attributable to shareholders of 9.865 billion yuan and a profit of 1.3 billion yuan in the same period last year. It did not pay the first interim dividend.

Revenue for the period was 27.67 billion yuan, down 48.3% year-on-year. Taking into account the fuel hedging loss of about 1.6 billion yuan, fuel costs fell 50.6% year-on-year to 732 million yuan, because the average aircraft fuel price fell by 20% and fuel consumption was cut by nearly half.

According to the group, the loss during the period has been calculated to 1.06 billion yuan supported by local governments, including impairment and related expenses of 2.465 billion yuan, mainly involving 16 aircraft that cannot be re-entered for actual service before the summer of 2021, and certain aviation services Company assets.

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Cathay Pacific