Cathay Pacific has reported a lack of HK$9.9 billion (£1 billion) for the primary half of the monetary 12 months because the Covid-19 disaster continues to decimate demand for world air journey.
“The primary six months of 2020 had been probably the most difficult that the Cathay Pacific Group has confronted in its greater than 70-year historical past,” stated chairman Patrick Healy in an announcement.
The airline says in complete it carried 4.Four million passengers within the first six months of the 12 months, a fall of 76 per cent on the determine seen the in similar interval 2019.
The load issue additionally “dropped considerably,” to 67 per cent from 84 per cent within the first half of 2019.
In April and Might, the airline was carrying a mean of solely round 500 passengers a day – rising to 900 in June.
Healy added that the group doesn’t count on to see “significant restoration” for a while to come back, citing evaluation from the Worldwide Air Transport Affiliation forecasting that demand is unlikely to return to pre-Covid-19 ranges earlier than 2024.
In June, the airline announced a HK$39 billion (£3.9 billion) recapitalisation plan led by the Hong Kong authorities.
“On behalf of Cathay Pacific Group, I want to lengthen our appreciation for the assist supplied by our shareholders and the Hong Kong authorities in collaborating within the recapitalisation situation which demonstrates the arrogance they’ve within the group, and in our capacity to proceed to play a vital management function within the growth of the Hong Kong aviation hub,” added Healy.
