August 8, 2018
Hong Kong’s Cathay Pacific Airways Ltd on Wednesday swung to a narrower half-year loss, in a sign its transformation programme designed to cut costs and lift revenue was paying off.
The airline, which last year posted its worst loss for the January-June period in at least 20 years, reported a HK$263 million ($33.51 million) loss for the first half of 2018.
This is below a forecast for a HK$140 million profit issued by investment bank BOCOM International on Monday. Daiwa Capital Markets had forecast a net loss of HK$363 million.
Group revenue rose 15.7 percent to HK$53.1 billion in the first half, while passenger yields – a proxy for airfares- rebounded by 7.6 percent, Cathay said in a filing to the Hong Kong bourse. Yield on cargo services rose by 16.3 percent.