Cathay Pacific posts record $2.8 billion annual loss due to Covid-19 pandemic

The Covid-19 pandemic induced record losses of $2.8 billion for the Honk Kong airline. Credit: Reuters File Photo

Hong Kong's Cathay Pacific Airways Ltd reported on Wednesday a record annual loss of HK$21.65 billion ($2.79 billion), due to a sharp downturn in travel associated with the coronavirus pandemic, 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.

Read | Cathay Pacific sees a discount path to survival

Cathay had previously warned it expected the second-half loss to be "significantly higher" than the record first-half loss of HK$9.87 billion.

Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks