Cathay Pacific Warns of $1.3 Billion First-Half Net Loss
- Airline carried 27,106 passengers in June, down 99.1% on year
- Shareholders approved $5 billion rescue plan earlier this week
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Cathay Pacific Airways Ltd. warned it is set to post a first-half net loss of about HK$9.9 billion ($1.3 billion) as the coronavirus decimates air travel, with the Hong Kong carrier flying less than 1% of its usual number of passengers in recent months.
International aviation remains “incredibly uncertain” because of virus-related border restrictions, Chief Customer and Commercial Officer Ronald Lam said in a statement Friday. The airline and its Cathay Dragon unit flew 27,106 passengers last month, down 99.1% from June 2019, with a passenger load factor of just 27.3%.