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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Cathay Pacific Airways Limited    293   HK0293001514

CATHAY PACIFIC AIRWAYS LIMITED

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Hit by pandemic, Japan's ANA to suffer $4.8 billion net loss this year - source

10/21/2020 | 08:09am EST
FILE PHOTO: ANA's Boeing 787 taxis in front of other aircraft at the Tokyo International Airport in Tokyo

TOKYO (Reuters) - Japanese airline operator ANA Holdings is expected to suffer a net loss of around 500 billion yen ($4.8 billion) for the fiscal year to March after the COVID-19 pandemic battered travel demand, a source with direct knowledge said on Wednesday.

Forecast to book its biggest loss, Japan's largest airline has turned to billions of dollars in loans and a government tourism campaign to weather the slump in air travel, and could take advantage of accounting rules to avoid aircraft writedowns.

As part of its cost-saving efforts, the airline plans to cut its fleet of aircraft by about 25, said the source, who declined to be named due to the sensitivity of the matter.

A company spokeswoman told Reuters that nothing had been determined.

Global airlines have taken a hit from the plunge in travel caused by the coronavirus, scrambling to cut costs as losses mount.

Hong Kong's Cathay Pacific Airways Ltd said on Wednesday it would slash 5,900 jobs and end its regional Cathay Dragon brand.

ANA is also slashing personnel costs through redundancies and paycuts, and along with rival Japan Airlines Co Ltd (JAL) is getting government help including a waiver on airport landing fees.

Tokyo sees the carriers as crucial to keeping Japan, a 3,000-kilometre archipelago stretching along the edge of East Asia, connected.

The airline also plans to reduce its international routes, hoping to survive through the pandemic with a large domestic market.

It plans to suspend a large volume of international flights at three airports in Japan, with about an 80% cutback at Narita airport, according to an email from the company president to employees seen by Reuters.

The company is scheduled to release its earnings results on October 27.

The Kyodo news agency earlier reported that ANA plans to cut its fleet of wide-body aircraft by half as part of restructuring plans expected to be disclosed later this month.

($1 = 104.8500 yen)

(Reporting by Maki Shiraki, Chris Gallagher, writing by Ju-min Park; Editing by Jacqueline Wong, Louise Heavens and Jan Harvey)

By Maki Shiraki


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. -0.54% 2585 End-of-day quote.-29.02%
CATHAY PACIFIC AIRWAYS LIMITED 0.41% 7.4 End-of-day quote.-35.76%
JAPAN AIRLINES CO., LTD. -7.99% 2038 End-of-day quote.-40.01%
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Financials
Sales 2020 45 785 M 5 907 M 5 907 M
Net income 2020 -19 021 M -2 454 M -2 454 M
Net Debt 2020 53 282 M 6 874 M 6 874 M
P/E ratio 2020 -1,92x
Yield 2020 0,11%
Capitalization 47 120 M 6 080 M 6 080 M
EV / Sales 2020 2,19x
EV / Sales 2021 1,48x
Nbr of Employees 33 000
Free-Float 17,1%
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Technical analysis trends CATHAY PACIFIC AIRWAYS LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 7,50 HKD
Last Close Price 7,32 HKD
Spread / Highest target 21,6%
Spread / Average Target 2,46%
Spread / Lowest Target -23,5%
EPS Revisions
Managers
NameTitle
Kin Wing Tang Chief Executive Officer & Executive Director
Patrick Healy Chairman
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
Martin James Murray Chief Financial Officer & Executive Director
Jian Jiang Cai Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
CATHAY PACIFIC AIRWAYS LIMITED-35.76%6 080
INTERGLOBE AVIATION LIMITED13.54%7 870
QANTAS AIRWAYS LIMITED-22.22%7 658
EASYJET PLC-41.12%5 083
KOREAN AIR LINES CO.,LTD.-11.23%4 043
VIETJET AVIATION-17.85%2 685