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Monday, January 30, 2023

Cathay Pacific begins adding more flights, expects lower H1 loss

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Cathay Pacific declared on June 18, 2021 that it would begin “carefully” adding more flights and destinations, expecting the first half of 2021 to outperform both the first and second halves of 2020.

“We have gradually increased the number of flights and destinations in our program. With the restart of services to Fuzhou, Hangzhou, and Dubai, passenger capacity increased by 6.6 percent month over month in May,” Cathay Pacific Group Chief Customer and Commercial Officer Ronald Lam said.

“Throughout the month, we witnessed an increase in demand for our UK services. We flew our first scheduled trip from London since December last year on May 8,” Lam said.

In May 2021, Cathay Pacific transported a total of 24,006 passengers, a 30 percent rise over May 2020 but a 99.2 percent decline over pre-pandemic levels in May 2019.

During the COVID-19 epidemic, which caused the collapse of worldwide air travel demand, the Hong Kong-based airline, which lacks a domestic market, experienced significant losses. In 2020, Cathay Pacific will have laid off 5,900 people. According to statistics from planespotters.net, 108 of the company’s 174 aircraft are now parked.

Looking ahead, Cathay Pacific announced that it expects to reduce its losses in the first half of 2021, prompting speculations that the troubled airline is slowly recovering from the devastating COVID-19 pandemic impact.

“With the cost-cutting measures implemented in 2020 (which are still in place) and a good underlying cargo performance, our losses in the first half of 2021 are likely to be slightly lower than the losses reported in both the first and second halves of 2020,” Lam said.


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