Cathay Still Mired in Covid Trouble With Traffic Down 99%
- No significant travel demand in typically busy time of year
- Airline expects losses to significantly worsen in second half
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Cathay Pacific Airways Ltd. carried just 37,815 passengers in November, down 98.6% from a year earlier, and warned that its second-half losses will be significantly worse than the HK$9.9 billion ($1.3 billion) hemorrhage in the first six months.
Average passenger capacity in the second half is only likely to be 8.4% of pre-pandemic levels, compared with 34.3% in the first half, the Hong Kong-based carrier said Wednesday. Restructuring and impairment costs will add to the pressure on earnings as demand remains elusive.