Hong Kong-based airline Cathay Pacific has stated it expects to report a lack of HK$9.9 billion (£1 billion) for the six months ended June 30th.
The determine compares to a web revenue to shareholders of HK$1.three billion for a similar interval in 2019.
This enormous loss consists of impairment costs amounting to roughly HK$2.four billion, which relate to 16 plane which might be unlikely to re-enter significant financial service once more earlier than the 2021 summer season season.
This estimated interim web loss is within the technique of being reviewed by our auditors and could also be topic to changes, the airline added.
Cathay Pacific and subsidiary Cathay Dragon carried a complete of 27,106 passengers final month, a lower of 99.1 per cent in comparison with June final 12 months.
Income passenger kilometres fell 98.eight per cent year-on-year.
Cathay Pacific Group chief buyer and industrial officer, Ronald Lam, stated: “The panorama of worldwide aviation stays extremely unsure with border restrictions and quarantine measures nonetheless in place throughout the globe.
“Though we have now begun to see some preliminary developments, notably a slight improve within the variety of transit passengers following the easing of transit restrictions by way of Hong Kong Worldwide Airport, we’re nonetheless but to see any important indicators of quick enchancment.”
Lam added of the airways’ June site visitors efficiency: “Demand continued to be very weak in June with our airways carrying lower than one per cent of the passengers we carried in the identical month in 2019.
“We operated about 4 per cent of our regular passenger flight capability in June.
“This was barely greater than we operated in Could, having resumed companies to some locations resembling New York, San Francisco, Amsterdam and Melbourne in late June.
“Load issue remained low at 27 per cent, and on common we carried roughly 900 passengers a day solely.”
