Cathay Pacific Airways posted a record annual loss of HK$21.6 billion (US$2.8 billion) in 2020. Although a big loss was inevitable, it was actually worse than expected as second half losses were significantly higher. The Hong Kong flag carrier was forced to pay for large restructuring charges as it shut subsidiary Cathay Dragon and laid off thousands.
The short-term outlook continues to be challenging says Cathay chairman Patrick Healy. The airline has seen a 99% drop in daily passenger numbers.
