Cathay Pacific: Bailed out ...

[traineeinvestor]

Closed the day slightly lower than the pre-announcement close. Guess the market wasn't that impressed after all.

Unstable character is this market.

[shri]

Closed the day slightly lower than the pre-announcement close. Guess the market wasn't that impressed after all.

State team was not impressed. Seems like that is what the market is these days....

[freeier]

Considering that all holders do still need to fork out money to buy the rights and there are still dilution impact, price of stock coming off is quite expected.. Singapore airline stocks fell 15% over the few days after their rights announcement..

[shri]

Applied for the subsidy...

https://twitter.com/JournoDannyAero/...62868663877632

[shri]

Today's profit warning:

The Directors of Cathay Pacific Airways Limited estimate that for the
six months ended 30 June 2020, the Group will record a net loss attributable to
shareholders of approximately HK$9.9 billion, which compares to a net profit to
shareholders of HK$1.3 billion for the same period in 2019. This includes impairment
charges amounting to approximately HK$2.4 billion, which mainly relate to 16 aircraft
that are unlikely to re-enter meaningful economic service again before the 2021
summer season

and

Mr Lam said of the airlines’ June traffic performance: “Demand continued to be very
weak in June with our airlines carrying less than 1% of the passengers we carried in
the same month in 2019. We operated about 4% of our normal passenger flight
capacity in June. This was slightly more than we operated in May, having resumed
services to some destinations such as New York, San Francisco, Amsterdam and
Melbourne in late June. Load factor remained low at 27.3%, and on average we
carried approximately 900 passengers a day only.

More: https://www1.hkexnews.hk/listedco/li...01.pdf?noembed