Cathay Pacific posts record £2bn annual loss, focuses on preserving cash

posted on 10th March 2021 by Eddie Saunders
Cathay Pacific posts record £2bn annual loss, focuses on preserving cash

By Jamie Freed, Reuters News

Hong Kong’s Cathay Pacific Airways Ltd said on Wednesday it was focused on preserving cash after it posted a record annual loss of HK$21.65 billion (£2 billion), caused by a travel downturn, restructuring costs and fleet writedowns.

The 2020 loss compared with 2019 profit of HK$1.69 billion and was worse than an average forecast for a net loss of HK$19.9 billion by 13 analysts, according to Refinitiv.

“Market conditions remain challenging and dynamic,” Cathay chairman Patrick Healy said in a statement. “All our cash preservation measures will continue unabated. Executive pay cuts will remain in place throughout 2021.”