Cathay Pacific Is Burning Cash Again as Covid Restrictions Bite
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Cathay Pacific Airways Ltd. is once more burning through cash as Hong Kong’s spiraling Covid-19 outbreak reduces the airline’s flying to a trickle.
The carrier will go through between HK$1 billion ($128 million) and HK$1.5 billion every month “until conditions improve,” Chief Executive Officer Augustus Tang said in a note to staff on Wednesday that was seen by Bloomberg News. A Cathay representative confirmed the memo’s authenticity.