Swire Pacific, the parent company of Hong Kong’s struggling Cathay Pacific Airways, has reported its first ever annual loss and warned of further trouble ahead in 2021.
The British-controlled group reported a HK$10.99 billion (US$1.42 billion) loss last year, primarily caused by an unprecedented slump at its 45 per cent-owned airline, according to an earnings statement on Thursday. Swire made a profit of HK$9 billion in 2019.
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