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Cathay Pacific Group reports reduced losses for 2021 fiscal year
March 9th 2022
Cathay Pacific has reported an attributable loss of HK$5.527 billion for the year to December 31, 2021. Read More » The result compares with a loss of HK$21.65 billion in the previous 12 months. It reflected an improvement in revenue in the second half of 2021, most notably from “the exceptional performance of its cargo business”, the carrier said.
Cathay Pacific Group chairman, Patrick Healy, said: “The unprecedented disruption caused by COVID-19 to the global aviation industry and the subsequent travel and operational restrictions around the world have continued to affect our business severely. Notwithstanding these challenges the situation did improve as 2021 progressed.”
“We have had an extremely challenging start to 2022”, Healy said, due the Hong Kong government’s tightened quarantine requirements, especially for Hong Kong-based aircrew.
“As a result, we expect to operate around 2% of pre-COVID-19 passenger flight capacity and our cargo flight capacity is likely to remain less than one-third of pre-COVID-19 levels while current restrictions remain in place,” Healy said.
Analysts forecast the airline group has the funds to continue operating through the COVID-19 crisis especially as it has not tapped a Hong Kong Special Administrative Region backed bridging loan of HK$7.8 billion. The bridging loan’s term will expire in June, but is expected to be extended if necessary.
