In the first half of 2020, Cathay Pacific Group achieved revenue of HK$27.679 billion, a year-on-year decrease of 48.3%; the loss attributable to shareholders was HK$9.865 billion, and the profit in the same period last year was HK$1.347 billion.

2025/06/0412:41:33 hotcomm 1994

Beijing News (Reporter Wang Zhenzhen) On August 12, Cathay Pacific Co., Ltd. (hereinafter referred to as " Cathay Pacific ") released its interim results for 2020. In the first half of 2020, Cathay Pacific Group realized revenue of HK$27.679 billion, a year-on-year decrease of 48.3%; the loss attributable to shareholders was HK$9.865 billion, and the profit in the same period last year was HK$1.347 billion. Cathay Pacific and Cathay Dragon passenger volume in the first half of this year totaled 4.4 million passengers, a year-on-year decrease of 76%; passenger revenue was HK$10.396 billion, a year-on-year decrease of 72.2%; the carrying rate dropped sharply, from 84.2% in the same period in 2019 to 67.3%.

Cathay Pacific said that due to the impact of the epidemic, tourism restrictions, border controls and quarantine arrangements implemented by various countries have led to a sharp drop in demand for air passengers and a decrease in revenue. However, the imbalance in supply and demand in the freight market during the epidemic has caused the cargo yield of Cathay Pacific and Cathay Dragon to increase by 44.1% year-on-year in the first half of this year, with cargo yields of HK$11.177 billion, an increase of 8.8% over the same period last year. In addition, since about half of the cargo of Cathay Pacific and Cathay Dragon Airlines are carried in the belly cabin of passenger aircraft, the overall cargo capacity has decreased by 31.9% to 667,000 tons, and the carrying rate has increased by 5.9 percentage points to 69.3%.

In the first half of this year, with the changes in the air passenger market and cargo market, Cathay Pacific and Cathay Dragon Airlines have adopted various methods to increase cargo capacity as much as possible, such as increasing the use of cargo aircraft, charter flights to civil aviation, an all-cargo subsidiary of Cathay Pacific Group, and operating 2,228 pairs of cargo-only passenger flights from March to June. In addition, at the end of April, the passenger cabin of the Boeing 777-300ER aircraft began to carry cargo, increasing the aircraft's cargo capacity by 5%-9%.

benefited from the sharp drop in oil prices. The total fuel costs of Cathay Pacific and Cathay Dragon in the first half of this year decreased by 62.8% compared with the same period in 2019. However, due to the reduction of flight operations of airlines, the benefits of the sharp drop in oil prices were limited and were offset by the loss of quantitative fuel hedging . In the first half of this year, the fuel costs of Cathay Pacific and Cathay Dragon Airlines after fuel hedging decreased by 52.6% compared with the first half of 2019.

Cathay Pacific Group stated that due to factors such as the epidemic, Cathay Pacific does not expect passenger service to recover significantly for a long time, and the group will gradually re-promote passenger flights depending on the market conditions. As of June 30, 2020, the Cathay Pacific Group operated a total of 235 aircraft, including 152 aircraft, Cathay Dragon Airlines operated a 48 aircraft, Hong Kong Express operated a 24 aircraft, and Civil Aviation operated a 1 aircraft.

Cathay Pacific Group Chairman He Yili said that the management team of Cathay Pacific will make suggestions to the board of directors on the most appropriate operating scale and model in the future in the fourth quarter of this year to meet Hong Kong's aviation tourism needs and fulfill its responsibilities to shareholders.

Since 2019, Cathay Pacific has faced multiple operating difficulties. The impact of the epidemic and the travel restrictions imposed by many countries have further aggravated the operating difficulties of Cathay Pacific . To alleviate the impact, Cathay Pacific released a HK$39 billion restructuring plan in June this year, and the Hong Kong SAR government took the "blood transfusion" Cathay Pacific . It was disclosed that the recapitalization plan was completed on August 12, 2020.

It is worth noting that Cathay Pacific 's performance from profit to loss in the first half of this year has not affected its stock price trend. On August 12, the share price of Cathay Pacific rose all the way after opening. As of the closing, it closed at HK$5.88 per share, an increase of 12%.