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Cathay Pacific reports biggest-ever loss
Hong Kong, Aug 06: Hong Kong`s Cathay Pacific Airways reported its biggest-ever loss on Wednesday, as the deadly SARS virus hammered passenger demand.
Hong Kong, Aug 06: Hong Kong's Cathay Pacific Airways reported its biggest-ever loss on Wednesday, as the deadly SARS virus hammered passenger demand.
Cathay, which was expected to be the Asian carrier hardest hit by SARS, lost HK$1.24 billion in the first six months of 2003 -- its biggest since listing in 1986.
That compared with a HK$1.41 billion profit in the first half of 2002.
The results were in line with average expectations of five analysts polled by Reuters for a loss of HK$1.2 billion after the airline, like others in region, was forced to cut flights and ground planes as SARS scared away tourists and business travellers. Cathay's shares were down 1.82 per cent to HK$10.80 at the midday break. They have surged around 30 per cent since hitting a low in late April when SARS was at its peak in the territory.
Cathay is up around three per cent so far this year, underperforming the wider market, which has risen around nine per cent. Bureau Report
That compared with a HK$1.41 billion profit in the first half of 2002.
The results were in line with average expectations of five analysts polled by Reuters for a loss of HK$1.2 billion after the airline, like others in region, was forced to cut flights and ground planes as SARS scared away tourists and business travellers. Cathay's shares were down 1.82 per cent to HK$10.80 at the midday break. They have surged around 30 per cent since hitting a low in late April when SARS was at its peak in the territory.
Cathay is up around three per cent so far this year, underperforming the wider market, which has risen around nine per cent. Bureau Report