Cathay Pacific Misses Afternoon Earnings AnnouncementBy
Cathay Pacific Airways Ltd., which was due to announce its earnings to the Hong Kong stock exchange around noon Wednesday, said the numbers will be available around 4:30 p.m. instead.
The company was to report financial results for the six months through June during the noon to 1 p.m. trading break. In an emailed response, a spokeswoman didn’t elaborate on the reasons for the delay. The airline also postponed its press conference in Hong Kong to 4:30 p.m., a South China Morning Post reporter tweeted.
Chief Executive Officer Rupert Hogg may report a loss of HK$1.2 billion ($153 million) for the six months through June, the median in a Bloomberg survey of three analysts showed. That would potentially put Cathay on course for the first back-to-back annual losses in its 70-year history. The Hong Kong company last month warned of a “disappointing” first-half.
Cathay’s shares traded at HK$11.70 as of 2:57 p.m. in the city, up 0.9 percent, after paring earlier gains of as much as 1.7 percent.