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Cathay Optimistic Despite Damage to Hong Kong’s Global Status

  • Still, CEO warns city has fallen ‘far behind’ global rivals
  • Comments come after airline reports smaller first-half loss
Travelers check in for a Cathay Pacific Airways Ltd. flight in the departure hall at Hong Kong International Airport on Aug. 8.

Travelers check in for a Cathay Pacific Airways Ltd. flight in the departure hall at Hong Kong International Airport on Aug. 8.

Photographer: Bertha Wang/Bloomberg
Updated on

Cathay Pacific Airways Ltd. signaled a stronger second-half outlook even as Chief Executive Officer Augustus Tang told staff Hong Kong’s status has been hammered by Covid travel restrictions that continue to shackle the city. 

While Hong Kong’s main airline said Wednesday its first-half net loss narrowed to HK$5.3 billion ($675 million) from HK$7.9 billion a year earlier, Tang said in an internal staff memo seen by Bloomberg that the financial hub is taking longer than other cities to see a travel recovery.