Cathay Pacific expecting better showing in first half of 2022 despite staying in the red, after strong cargo performance and cost-cutting moves
- Losses will remain ‘substantial’ but should be lower than the HK$7.6 billion it lost in first half of 2021, says Cathay’s chief customer and commercial officer
- Hong Kong flag carrier now flies to 45 destinations, after the easing of travel and quarantine restrictions
Cathay Pacific Airways is expecting a better performance in the first half of this year compared with the same period in 2021 despite still posting losses, on the back of stronger cargo businesses and cost-cutting measures.
The Hong Kong flag carrier on Tuesday also said it was on track to double the number of destinations it flew to, from the 29 at the start of the year.
“Given a strong underlying cargo performance coupled with our cost-management measures implemented over the past two years, our consolidated losses in the first half of 2022, while substantial, are expected to be lower than the consolidated losses reported in the first half of 2021,” said chief customer and commercial officer Ronald Lam Siu-por said.
The airline reported a HK$7.6 billion (US$968 million) loss in the first half of 2021.
The easing of travel and quarantine restrictions helped the airline resume more flights, and Lam said the airline hoped to continue doing so.