A look at the week
By Jordan Chong
Cathay Pacific Group’s 2020 financial results presentation this week reinforced the difficulties airlines without a domestic market face from the pandemic.
In addition to its HK$21.6 billion (US$2.8 billion) net loss, the airline group offered little in the way of encouraging prospects for 2021. It said previous capacity forecasts – below 25% of pre-COVID-19 levels for the first half of calendar 2021 and 50% overall for the full year – were unchanged.
During the airline group’s results presentation, chief customer and commercial officer, Ronald Lam, was non-committal about "some sort of "V-shaped recovery in the second quarter" of calendar 2021 and said there was not any visibility about the Hong Kong Special Administrative Region (HKSAR) government’s timetable for relaxation of quarantine rules as the vaccine rollout continued. Read More »