Hong Kong’s Cathay Pacific aims for ‘survival’ as it grounds two-fifths of passenger fleet amid Covid-19 collapse in air travel
- The embattled flag carrier’s passenger flights were just 19.9 per cent full in August, despite once again allowing transits from the mainland
- Overall, the airline has seen ticket sales collapse by 99 per cent since the pandemic crippled international air travel
Executive director Ronald Lam Siu-por said it was clear the 73-year-old airline was “facing a long and uncertain road to recovery” as it planned a sweeping restructuring that could be unveiled as soon as next month.
The beleaguered flag carrier on Monday revealed its planes were just 19.9 per cent full in August, the lowest since it first began reporting load factors.
The carrier also said that 40 per cent of its fleet – or 72 planes – would be parked outside Hong Kong, up from an earlier prediction of 60, as the airline requires fewer planes in the near term.
“We are weathering the storm for now, but the fact remains we simply will not survive unless we adapt our airlines for the new travel market,” Lam warned. “A restructuring will therefore be inevitable to protect the company, the Hong Kong aviation hub, and the livelihoods of as many people as possible.”