. cathaypacific warns of HK$9.9b first-half net loss
With its finances and prospects looking increasingly strained, Cathay last month proposed a HK$39 billion government-backed rescue plan that was approved by shareholders on Monday.
On Friday, Cathay was down 1.5 per cent at HK$6.02 as at 1:49 pm in Hong Kong. While the fund-raising plan helps Cathay stave off collapse, a fresh wave of virus cases in Hong Kong and stricter social-distancing measures in the city have added more uncertainty to its outlook. Cathay expects to operate up to 10 per cent of its normal flight schedule in August and will"continue to assess the potential of increasing more flights and adding destinations" in the coming months, Mr Lam said. July capacity is about 7 per cent of usual levels.
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