BRIEF-Cathay Pacific Sees Substantial Loss In H1 2020

Cathay Pacific Airways Ltd: * DECIDED NOT TO DECLARE A SECOND INTERIM DIVIDEND FOR YEAR

* FIRST HALF OF 2020 WAS EXPECTED TO BE EXTREMELY CHALLENGING FINANCIALLY, WITH AN ALREADY REDUCED WINTER SEASON CAPACITY * DIFFICULT TO PREDICT WHEN CONDITIONS WILL IMPROVE

* FY TOTAL FUEL COSTS DECREASED BY HK$3,110 MILLION * H1 WAS EXPECTED TO BE EXTREMELY CHALLENGING FINANCIALLY, WAS BEEN EXACERBATED BY SIGNIFICANT NEGATIVE IMPACT OF COVID-19

* EXPECT TO INCUR A SUBSTANTIAL LOSS FOR FIRST HALF OF 2020 * FUEL CONSUMPTION IN 2019 WAS 46.6 MILLION BARRELS, AN INCREASE OF 1.7%

* EXPECT PASSENGER BUSINESS TO BE UNDER SEVERE PRESSURE THIS YEAR & THAT CARGO BUSINESS WILL CONTINUE TO FACE HEADWINDS * CAUTIOUSLY OPTIMISTIC ABOUT CARGO FOLLOWING RECENT REDUCTION IN US-CHINA TRADE TENSIONS; MAINTAINED CARGO CAPACITY INTACT

* PROJECTED CONSUMPTION IN 1Q20 AND 2Q20 IS CURRENTLY BEING IMPACTED BY CAPACITY REDUCTIONS ASSOCIATED WITH COVID-19 * COVID-19 OUTBREAK RESULTED IN CHALLENGING OPERATIONAL ENVIRONMENT

* COVID-19 OUTBREAK WILL ADVERSELY IMPACT GROUP'S FINANCIAL PERFORMANCE, LIQUIDITY POSITION * SUBSTANTIAL PASSENGER CAPACITY, FREQUENCY REDUCTION LIKELY FOR MAY AS WE CONTINUE TO MONITOR AND MATCH MARKET DEMAND Source text for Eikon: Further company coverage: