Hong Kong’s Cathay Pacific Airways Ltd said on Wednesday it was focused on preserving cash after it posted a record annual loss of 21.65 billion Hong Kong dollars ($2.79bn), caused by a travel downturn, restructuring costs and fleet reductions.
It described 2020 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 2020 loss compared with 2019 profit of 1.69 billion Hong Kong dollars ($218m) and was worse than an average forecast for a net loss of 19.9 billion Hong Kong dollars ($2.56bn) by 13 analysts, according to data provider Refinitiv.
“Market conditions remain challenging and dynamic,” Cathay Pacific Chairman Patrick Healy said in a statement. “All our cash preservation measures will continue unabated. Executive pay cuts will remain in place throughout 2021.”