Cathay Pacific Posts $2.8 Billion Loss in Toughest Year Ever
Bloomberg 3/10/2021
Cathay Pacific Airways Ltd. reported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel.
The outlook isn’t much better, according to Chairman Patrick Healy, who said “it is by no means clear how the pandemic and its impact will develop.” Hong Kong has largely closed its borders to non-residents and imposed 21-day mandatory hotel quarantine on those who return. Cathay expects to operate at well below 50% passenger capacity in 2021.
Cathay Pacific Posts $2.8 Billion Loss in Toughest Year Ever
Bloomberg 3/10/2021
Cathay Pacific Airways Ltd. reported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel.
The outlook isn’t much better, according to Chairman Patrick Healy, who said “it is by no means clear how the pandemic and its impact will develop.” Hong Kong has largely closed its borders to non-residents and imposed 21-day mandatory hotel quarantine on those who return. Cathay expects to operate at well below 50% passenger capacity in 2021.
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