In its 2019 annual results announcement dated 11
March 2020, the Cathay Pacific Group had disclosed that it
expected to incur a substantial loss for the first half of 2020.
Based on the unaudited results of the group
for the six months ended 30 June 2020, and on a basis consistent
in all material respects with the accounting policies normally
adopted by the group as set out in the annual report for the year
ended 31 December 2019, the Directors of Cathay Pacific estimate
that for the six months ended 30 June 2020, the group will now
record a net loss attributable to shareholders of approximately
HK$9.9 billion, which compares to a net profit to shareholders of
HK$1.3 billion for the same period in 2019.
This includes impairment charges amounting
to approximately HK$2.4 billion, which mainly relate to 16
aircraft that are unlikely to re-enter meaningful economic service
again before the 2021 summer season together with certain airline
service subsidiaries assets.
This estimated interim net loss is in
the process of being reviewed by Cathay's auditors and may be subject