Cathay Pacific announces 2018 Interim Results + Chairman’s Letter

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Chairman’s Letter

The operating environment for our airlines remains challenging. We are half way through our three year transformation programme, which is designed to make our businesses leaner, more agile and more effective competitors. The programme is on track. Despite higher fuel prices, we performed much better in the first half of 2018 than in the first half of 2017.

The Cathay Pacific Group reported an attributable loss of HK$263 million for the first six months of 2018. This compares to an attributable loss of HK$2,051 million in the first half of 2017. The loss per share in the first half of 2018 was HK6.7 cents compared to a loss per share of HK52.1 cents in the first half of 2017.

Our airlines, Cathay Pacific and Cathay Dragon, reported an attributable loss of HK$904 million for the first six months of 2018, compared to an attributable loss of HK$2,765 million in the first half of 2017. Revenue generation was satisfactory during the first half of 2018, with passenger yield improving. Our cargo business was strong, with growth in both volume and yield. We benefited from a weak US dollar during the early part of the period, but were adversely affected by significantly increased fuel prices.

Please click here to read Cathay Pacific Group Interim Results 2018.

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