Cathay Pacific warns of $9.9b H1 net loss | Hongkong Business
, Hong Kong

Cathay Pacific warns of $9.9b H1 net loss

The airline and its Cathay Dragon unit flew 27,106 passengers in June, down 99.1% from June 2019.

Cathay Pacific Airways warned it is set to post a first-half net loss of about $9.9b (US$1.3b) as the coronavirus decimates air travel, with the Hong Kong carrier flying less than 1% of its usual number of passengers in recent months.

The airline and its Cathay Dragon unit flew 27,106 passengers in June, down 99.1% from June 2019, with a passenger load factor of just 27.3%.

“Although we have begun to see some initial developments, notably a slight increase in the number of transit passengers following the easing of transit restrictions through Hong Kong International Airport, we are still yet to see any significant signs of immediate improvement,” chief customer and commercial officer Ronald Lam said in a statement.

The virus has dealt a crushing blow to Cathay and other airlines worldwide, resulting in job losses and bankruptcies. In April, Cathay was flying as few as 458 passengers a day on average. That number increased to 900 a day in June.

Read more from Bloomberg

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Hongkong Business in your inbox
It bundles home insurance with fibre broadband service, network security and a smart home kit.
It eyes stricter regulation over prime brokers, amongst others.
This does not apply to vaccinated persons from extremely or very high-risk places.
This is expected to speed up drug discovery which at present takes up to 15 years.
It is looking to penetrate residential areas in Tier 1 cities.
Clients can buy and sell securities in 10 markets worth up to US$10m daily.
The new Mercedes-AMG CLS 53 made its public debut in Hong Kong last 19 June.
The loan from Hang Seng Bank will fund its green projects.
It will be issued through HKMA’s Central Moneymarkets Unit.
The revised guidelines will take effect on January 2022.
The airline carried some 24,000 passengers during the month.
This forms part of the HKMA’s Regtech roadmap.
This is two places down from its 2020 ranking
The demand for medical office buildings in Hong Kong is high, but hard to get.
It is considering about $2b in the US share sale.