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Hong Kong’s Cathay Pacific Airways Ltd said on Friday a relaxation of quarantine requirements for its cargo crews would help to boost air freight capacity and lower its cash burn at a time when it has only a skeleton passenger service.
The airline had previously said rules that took effect on Feb. 20 and required most crew to quarantine for two weeks in hotels before returning to normal life in Hong Kong would increase cash burn by about HK$300 million to HK$400 million ($38.62 million-$51.49 million) per month, on top of the regular HK$1 billion to HK$1.5 billion levels.
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(Reuters) - Hong Kong s Cathay Pacific Airways Ltd said on Friday a relaxation of quarantine requirements for its cargo crews would help to boost air freight capacity and lower its cash burn at a time when it has only a skeleton passenger service.
The airline had previously said rules that took effect on Feb. 20 and required most crew to quarantine for two weeks in hotels before returning to normal life in Hong Kong would increase cash burn by about HK$300 million to HK$400 million ($38.62 million-$51.49 million) per month, on top of the regular HK$1 billion to HK$1.5 billion levels.
Cathay Pacific Posts $2.8 Billion Loss in Toughest Year Ever
Bloomberg 3/10/2021
Cathay Pacific Airways Ltd. reported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel.
The outlook isn’t much better, according to Chairman Patrick Healy, who said “it is by no means clear how the pandemic and its impact will develop.” Hong Kong has largely closed its borders to non-residents and imposed 21-day mandatory hotel quarantine on those who return. Cathay expects to operate at well below 50% passenger capacity in 2021.
Cathay Pacific Posts $2.8 Billion Loss in Toughest Year Ever
Bloomberg 3/10/2021
Cathay Pacific Airways Ltd. reported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel.
The outlook isn’t much better, according to Chairman Patrick Healy, who said “it is by no means clear how the pandemic and its impact will develop.” Hong Kong has largely closed its borders to non-residents and imposed 21-day mandatory hotel quarantine on those who return. Cathay expects to operate at well below 50% passenger capacity in 2021.