Cathay Pacific plans to increase flight schedule in October, marking start of ambitious Covid-19 recovery bid

Name: Hong Kong’s Cathay Pacific Airways posts record loss of HK$21.6 billion for 2020
Uploaded: 2021-06-18T10:16:49.000Z
Duration: 1 min 55 s
Description: Hong Kong’s Cathay Pacific Airways posts record loss of HK$21.6 billion for 2020

Airline says it expects to lose less money in first half of this year than it did in same period in 2020

Cost-saving measures and a strong underlying performance in air cargo business resulted in smaller loss

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Cathay Pacific is planning to increase its flight schedule by 30 per cent in October. Photo: Winson Wong

Danny Lee

Published: 6:16pm, 18 Jun 2021Updated: 7:25pm, 18 Jun 2021

Cathay Pacific plans to add substantially more flights by the autumn marking the start of its ambitious comeback from the effects of the coronavirus pandemic, and the airline said on Friday it was on track to lose less money in the first half of 2021 than in the same period last year.

In a stock exchange filing, Cathay said it expected to fly 30 per cent of its pre-Covid-19 passenger flight schedule from October onwards, marking its biggest step forward to recover from the virus. The airline is currently operating just 3.5 per cent of its pre-pandemic schedule.

It said its cost-saving measures and a strong underlying performance in its air cargo business had resulted in the smaller loss.

“Our losses in the first half of 2021, while still very substantial, are expected to be somewhat lower than the losses reported in both the first and second halves of 2020,” Ronald Lam Siu-por, the airline’s chief customer and commercial officer, said.

The airline lost HK$9.87 billion in the first half of last year, and HK$11.78 billion in the second half.

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Hong Kong’s Cathay Pacific Airways posts record loss of HK$21.6 billion for 2020

After a record annual loss last year of HK$21.65 billion, the airline’s difficulties continued into this year with further restrictions imposed on its flight operations – including stricter crew and passenger quarantine – causing it to cut more flights.