:Hong Kong's Cathay Pacific Airways Ltd said on Wednesday its first-half loss shrunk by nearly a quarter, helped by a drastic reduction in headcount and strong air cargo demand.
"COVID-19 continued to pose significant challenges for the Cathay Group in the first half of 2021 and this continues to be the toughest period in our history," Chairman Patrick Healy said in a statement. That included HKUS$500 million of impairment charges mainly related to 11 grounded planes which are unlikely to return to service as well as HKUS$403 million of restructuring costs.
Cathay expects to reduce its monthly cash burn in the second half as rules are eased for vaccinated crew and passenger capacity rises to as much as 30per cent of pre-COVID levels in the fourth quarter.
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