Cathay Pacific reports loss in first half of financial year

Published on : Friday, August 14, 2020

Cathay Pacific recently reported a loss of HK$9.9 billion (£1 billion) for the first half of the financial year in the wake of the COVID-19 crisis as the pandemic continues to impact the demand for global air travel. The airline mentioned that it carried a total of million passengers in the first six months of the year, a fall of 76% as compared to the figure seen in the same period of 2019.

For the month of April and May, the airline carried an average of only around 500 passengers a day rising to 900 in June. In June, the carrier also announced a recapitalisation plan led by the Hong Kong government. Patrick Healy, Chairman, Cathay Pacific said in a statement that the first six months of 2020 were the most challenging time the airline faced in its more than 70-year history.

He mentioned that the group does not expect to see meaningful recovery in the upcoming time and cited an analysis from the International Air Transport Association forecasting that demand is unlikely to return to pre-COVID-19 levels before 2024. He also shared that the load factor of the airline also significantly dropped to 67% from 84% in the first half of 2019.

He further appreciated the shareholders and the Hong Kong government on behalf of Cathay Pacific Group for their support by participating in the recapitalisation issue which demonstrates the confidence they have in the group, and in the airline’s ability to continue to play a critical leadership role in the development of the Hong Kong aviation hub.

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