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Roy Chin

Qatar Airways Bought 10% Stake in Cathay Pacific

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https://www.reuters.com/article/us-cathay-pacific-results-idUSKCN1AW183

 

 

SHANGHAI/HONG KONG (Reuters) - Hong Kong's Cathay Pacific Airways Ltd (0293.HK) on Wednesday said it did not see operating conditions improving over the rest of 2017 after posting its worst first-half loss in at least two decades as it continued to lose customers to lower-cost rivals.

The airline has in recent years seen its market share on international routes eroded by aggressively expanding mainland Chinese and Gulf airlines. This, with poor fuel hedges and its lack of a budget arm, have hurt its competitiveness.

On Wednesday, it reported a loss of HK$2.05 billion ($262.07 million) for the six months ended June, versus a profit of HK$353 million a year ago, putting it on track for its first ever back-to-back annual loss since it was founded in 1946.

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Qatar Airways Ltd. agreed to acquire a stake in Cathay Pacific Airways Ltd., a deal that would help it gain a foothold in the world’s second-biggest aviation market.


The Middle Eastern carrier will buy 9.6 percent of Cathay from Hong Kong-based Kingboard Chemical Holdings Ltd. and related companies for HK$5.16 billion ($662 million), according to a filing to the city’s stock exchange Monday. Chief Executive Officer Akbar Al Baker, confirming the deal, said the investment "further supports Qatar Airways investment strategy.”




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