Home / Uncategorized / Cathay Pacific reviews £2bn loss for the 12 months | Information

Cathay Pacific reviews £2bn loss for the 12 months | Information

Cathay Pacific Airways has reported a file annual lack of $2.8 billion (£2 billion) for monetary 2020.

The Hong Kong flag-carrier stated the poor outcomes have been on account of a pointy downturn in journey throughout the Covid-19 pandemic.

Main restructuring prices and pollical disruption within the metropolis have additionally taken a toll on the airline.

Cathay had beforehand warned it anticipated its second-half losses to be worse than the file first-half lack of $1.3 billion.

The annual loss compares to a revenue of $220 million in 2019.

Cargo was the very best performer for the airline, although it too noticed a downturn, as a result of the discount in passenger flights, which additionally carry cargo, brought on a discount in capability.

“Our short-term outlook continues to be difficult.

“Nevertheless, we stay completely assured within the long-term future and aggressive place of our airways,” Cathay chairman, Patrick Healy, stated.

In October, Cathay Pacific introduced it might shut its subsidiary Cathay Dragon, a regional service flying primarily to mainland China and different Asian locations.

The beleaguered service additionally introduced it might minimize a further 8,500 jobs, amounting to a couple of quarter of its employees.

The price-cutting transfer got here after the airline acquired a $5 billion bailout from the Hong Kong authorities in June.

Hong Kong Tourism Board yesterday unveiled a £127 million plan to restart the hospitality sector within the metropolis.

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