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BRIEF-Cathay Pacific Airways Posts HY Loss Attributable…

Aug 12 – Cathay Pacific Airways Ltd:

* HY REVENUE HK$27,669 MILLION VERSUS HK$53,547 MILLION

* HY LOSS ATTRIBUTABLE HK$9,865 MILLION VERSUS PROFIT OF HK$1,347 MILLION

* CATHAY PACIFIC-ADVANCED NEGOTIATIONS TAKING PLACE WITH BOEING FOR DEFERRAL OF B777-9 DELIVERIES

* BY Q4, MANAGEMENT TO RECOMMEND TO BOARD OPTIMUM SIZE AND SHAPE OF CATHAY PACIFIC GROUP TO MEET AIR TRAVEL NEEDS OF HK

* BY Q4 2020, MANAGEMENT TO RECOMMEND TO BOARD OPTIMUM SIZE AND SHAPE OF GROUP TO MEET AIR TRAVEL NEEDS OF HONG KONG

* RECOMMENDATIONS TO INVOLVE RATIONALISATION OF FUTURE PLANNED CAPACITY COMPARED TO PRE-CRISIS PLANS

* GIVEN CURRENT CONDITIONS, DECIDED TO TRANSFER ABOUT THIRD OF PASSENGER AIRCRAFT TO PARKING LOCATIONS OUTSIDE OF HK OVER COMING MONTHS

* FIRST SIX MONTHS OF 2020 WERE MOST CHALLENGING THAT CATHAY PACIFIC GROUP HAS FACED

* WITH GLOBAL RECESSION LOOMING, GEOPOLITICAL TENSIONS INTENSIFYING, TRADE WILL LIKELY COME UNDER SIGNIFICANT PRESSURE

* DEFERRAL OF B777-9 DELIVERIES IS EXPECTED TO PRODUCE CASH SAVINGS TO CATHAY PACIFIC GROUP IN SHORT TO MEDIUM TERM

* WE DO NOT EXPECT TO SEE A MEANINGFUL RECOVERY IN OUR PASSENGER BUSINESS FOR SOME TIME TO COME Source text for Eikon: Further company coverage:

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