Cathay Pacific counts cost of Covid-19 downturn

Cathay Pacific has reported a loss of HK$9.9 billion (£1 billion) for the first half of the financial year as the Covid-19 crisis continues to decimate demand for global air travel.

“The first six months of 2020 were the most challenging that the Cathay Pacific Group has faced in its more than 70-year history,” said chairman Patrick Healy in a statement.

The airline says in total it carried 4.4 million passengers in the first six months of the year, a fall of 76 per cent on the figure seen the in same period 2019.

The load factor also “dropped significantly,” to 67 per cent from 84 per cent in the first half of 2019.

In April and May, the airline was carrying an average of only around 500 passengers a day – rising to 900 in June.

Healy added that the group does not expect to see “meaningful recovery” for some time to come, citing analysis from the International Air Transport Association forecasting that demand is unlikely to return to pre-Covid-19 levels before 2024.

In June, the airline announced a HK$39 billion (£3.9 billion) recapitalisation plan led by the Hong Kong government.

“On behalf of Cathay Pacific Group, I wish to extend our appreciation for the support provided by our shareholders and the Hong Kong government in participating in the recapitalisation issue which demonstrates the confidence they have in the group, and in our ability to continue to play a critical leadership role in the development of the Hong Kong aviation hub,” added Healy.

Read the full article at Breaking Travel News

Leave a Reply

Your email address will not be published.

Latest Blog Articles

South Korea to raise inbound duty free allowance to US$800

South Korea to raise inbound duty free allowance to US$800

SOUTH KOREA. The Korean Finance Ministry today announced plans to raise the duty free allowance for inbound travellers from US$600 per person to US$800. The news was reported earlier by Yonhap News Agency (original story here). Crucially, the revised rules to be introduced call for a doubling of the alcohol limit for international arrivals from […]

Continue Reading…

A taste of the Music City: Famous downtown steakhouse brand opens at Nashville Airport

A taste of the Music City: Famous downtown steakhouse brand opens at Nashville Airport

USA. The Southern Steak & Oyster, a well-known downtown Nashville steakhouse, has opened a full-service restaurant and bar in Concourse D of the South Terminal at Nashville International Airport. The new 3,589sq ft restaurant will be jointly operated by TomKats Hospitality owner Tom Morales, who concessionaire Fraport Tennessee describes as a “legendary restaurateur”, and Skyport […]

Continue Reading…

Malaysia Airlines partners with Kapten Batik for eco-friendly fashion collection

Malaysia Airlines partners with Kapten Batik for eco-friendly fashion collection

MALAYSIA. Enrich, the Malaysia Airlines travel and lifestyle loyalty programme, has partnered with local fashion & accessories brand Kapten Batik to launch an eco-friendly capsule collection. The collection was officially launched by environmental and social activist Her Royal Highness Tengku Datin Paduka Setia Zatashah Sultan Sharafuddin Idris Shah at The Curve shopping mall in Petaling […]

Continue Reading…

Emporio Armani makes stylish debut with Hainan Tourism Duty Free Shopping Complex

Emporio Armani makes stylish debut with Hainan Tourism Duty Free Shopping Complex

CHINA. Emporio Armani has teamed up with Hainan Tourism Investment Duty Free Co. to open a boutique at the Hainan Tourism Duty Free Shopping Complex (HTDF). To celebrate the opening, Emporio Armani is offering -60% discounts on luxury goods and -70% offers on its other lines as part of the Hainan Offshore Duty Free Shopping […]

Continue Reading…

easyJet appoints new Chief Customer and Marketing Officer

easyJet appoints new Chief Customer and Marketing Officer

easyJet has appointed Robert Birge to the new role of Chief Customer and Marketing Officer, sitting on the airline’s management board. This role brings together a number of key areas including Marketing, Digital, Customer Service along with Customer Experience and Insight. Robert will join the airline later this month. Robert is a highly experienced leader […]

Continue Reading…

Brockmans Gin debuts at Ben Gurion Airport

Brockmans Gin debuts at Ben Gurion Airport

ISRAEL. British super-premium gin brand Brockmans has made its travel retail debut at Tel Aviv Ben Gurion International Airport. The listing, made through retailer James Richardson, is a milestone for Brockmans as it seeks to build its travel retail footprint. Brockmans was recognised by IWSR as the largest privately-owned British super-premium gin brand of 2020. The […]

Continue Reading…

Emirates Skywards makes a splash this summer

Emirates Skywards makes a splash this summer

Emirates Skywards, the award-winning loyalty programme of Emirates and flydubai, is giving members even more reasons to explore the world this summer with exclusive bonus Miles offerings. Enjoy splurging and rack up Miles this August on flights, hotel stays, car rentals, lifestyle partners and much more. Earn up to 15,000 Miles on hotel stays Emirates […]

Continue Reading…

Bouncing back: Retail performance gathers strong momentum at Changi Airport

Bouncing back: Retail performance gathers strong momentum at Changi Airport

SINGAPORE. Changi Airport Group (CAG) has delivered a positive update on retail activity at Singapore Changi Airport, as air travel recovers strongly with passenger traffic surpassing 50% of pre-COVID levels in June. The airport operator noted that a steady recovery in retail sales buoyed by the relaxation of border restrictions in the Asia Pacific region. […]

Continue Reading…

Qatar Airways sponsors prestigious Qatar Goodwood Festival for fourth time

Qatar Airways sponsors prestigious Qatar Goodwood Festival for fourth time

Qatar Airways, the Official Airline Carrier, has sponsored the prestigious Qatar Goodwood Festival in partnership with the Qatar Racing and Equestrian Club (QREC) for the fourth time. The festival took place from 26 July to 30 July at Goodwood Racecourse, West Sussex, UK. The British flat racing season added yet another iconic equine race event […]

Continue Reading…

Party time as Sierra Tequila teams up with Gebr. Heinemann at Hamburg Airport

Party time as Sierra Tequila teams up with Gebr. Heinemann at Hamburg Airport

GERMANY. German brand-building specialist Borco has partnered with Gebr. Heinemann in a Sierra Tequila ‘Lead the Party’ promotion at Hamburg Airport. Travellers are encouraged to interact with brand ambassadors in sampling sessions which introduce a three-step tequila shot process. They also have the opportunity to win a Sierra Tequila party box by uploading their favourite Sierra […]

Continue Reading…