HONG KONG -- Cathay Pacific Airways has reported a record net loss of nearly $1.3 billion for the first half of the year under the impact of the coronavirus pandemic which has grounded all but a small fraction of the group's passenger flights.
The carrier's 9.87 billion Hong Kong dollar ($1.27 billion) loss was aggravated by hedging contracts for fuel set when no one could have imagined oil futures trading at prices below zero. A year earlier, the company generated a net profit of HK$1.35 billion.
re.jpg?width=178&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto&height=100)
