Cathay Pacific records up to $783m loss in 2021 as Covid curbs bite

Cathay Pacific recorded losses of as much as HK$6.1bn ($783m) last year as a continued reduced demand and strict coronavirus travel restrictions saddled the Hong Kong airline.

The de-facto flagship carrier expected to see a loss to shareholders of $719m to $783m in the year ended December 31, it said in a preliminary review on Monday. The figure still marked an improvement from the almost $2.8bn hit that its accounts sustained in 2020 following a pick-up in cargo demand.

Cathay has faced intense pressure from Hong Kong authorities who blamed its staff for fomenting the first outbreak of the Omicron variant. The company warned that a tightening of aircrew quarantine measures and other curbs last month could result in an estimated cash burn of almost $193m per month from February.

“These measures will have a significant impact on our passenger and cargo flight capacity,” chief executive officer Augustus Tang said.

https://publicwire.com/live-news-cathay-pacific-records-up-to-783m-loss-in-2021-as-covid-curbs-bite/