Cathay Pacific Group expects to report USD1.3bn net loss for 1H2020

    Cathay Pacific Group issued (17-Jul-2020) a profit warning for 1H2020, with the group now expecting to report a net loss to shareholders of HKD9.9 billion (USD1.3 billion), compared to a net profit of HKD1.3 billion (USD167.5 million) in 1H2019. This includes impairment charges of HKD2.4 billion (USD309.2 million), which mainly relate to 16 aircraft that are unlikely to re-enter meaningful economic service before summer 2021.