Hong Kong flag carrier Cathay Pacific on Wednesday reported a massive loss of HK$2.05 billion (Dh962.3 million) for the first half of the year as the airline struggled with intense competition from rival airlines.
In a filing to the Hong Kong stock exchange on Wednesday, the carrier also revealed its revenue rose by 0.4 per cent ,to HK$45.85bn for the six months to June 30.
_______________
Read more:
Cathay flies into economic storm clouds
_______________
The results were far worse than analysts' predictions of a loss of up to HK$1.2bn. In the same period last year, the carrier made a profit of HK$353m. The latest results came after Cathay saw its first annual loss in eight years in 2016, as lower cost Chinese carriers eat into its market share.
It is the company’s first interim loss since 2012.
After making a full-year loss of HK$575m in 2016, the airline recently cut 600 jobs as part of a major shake-up.
In a statement, the airline said the industry was experiencing “fundamental structural changes”. The chairman John Slosar added: "Other major adverse factors were higher fuel prices (including the effect of our hedging), the adverse effect of the strength of the Hong Kong dollar on revenues denominated in other currencies, and higher aircraft maintenance costs."
_______________
Read more:
Hong Kong’s Cathay Pacific cuts 600 jobs as it faces rising competition
_______________
It has increasingly struggled against competitors, from mainland China and Middle East-based carriers on long-haul routes, to budget airlines muscling in on regional flights.
Passenger yield, a key measure of profitability which tracks money earned from flying a passenger one kilometre, was down 5.2 per cent to 51.5 cents, from 54.3 cents in the first half of 2016.
The result adds to the pressure on the Cathay Pacific chief executive Rupert Hogg to turn around Asia’s ninth-biggest carrier by market value. Mr Hogg, appointed in April to take over from Ivan Chu Kwok-leung, is responsible for the airline’s three-year restructuring plan. Wednesday’s earnings report was the first release under his leadership.
_______________
Read more:
Cathay Pacific chief executive to step down
_______________
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
'Jurassic%20World%20Dominion'
%3Cp%3EDirector%3A%20Colin%20Trevorrow%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Sam%20Neill%2C%20Laura%20Dern%2C%20Jeff%20Goldblum%2C%20Bryce%20Dallas%20Howard%2C%20Chris%20Pratt%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
MIDWAY
Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
Monday Eibar v Valencia (midnight)
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Lecce v SPAL (6pm)
Bologna v Genoa (9pm)
Atlanta v Roma (11.45pm)
Sunday
Udinese v Hellas Verona (3.30pm)
Juventus v Brescia (6pm)
Sampdoria v Fiorentina (6pm)
Sassuolo v Parma (6pm)
Cagliari v Napoli (9pm)
Lazio v Inter Milan (11.45pm)
Monday
AC Milan v Torino (11.45pm)
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5