Swire Pacific, parent company of struggling Cathay Pacific, reports first ever annual loss and expects a tough 2021

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.