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.

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