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Cathay Pacific warns of further woe for ‘decimated’ industry
Cathay Pacific has warned it does not expect any meaningful recovery ‘for some time to come’ amid the Covid crisis and ‘looming global recession’.
The carrier also said that trade will come under ‘significant pressure’ due to geopolitical events which will further impact passenger and cargo demand.
"This is the biggest challenge to the aviation industry that Cathay Pacific has ever witnessed," the airline said after posting a loss in the first half of the year of almost HK$2,464 million.
Cathay Pacific chairman Patrick Healy said: "Despite a promising start in January, with encouraging signs that passenger demand was beginning to return following the social unrest which impacted the second half of 2019, the first six months of 2020 were the most challenging that the Cathay Pacific Group has faced in its more than 70-year history.
"The impact of COVID19 on the Group’s business and the global economy is unprecedented. The global health crisis has decimated the travel industry and the future remains highly uncertain, with most analysts suggesting that it will take years to recover to pre-crisis levels
"We do not expect to see a meaningful recovery in our passenger business for some time to come. We will continue to closely monitor market demand as we work towards progressively reintroducing passenger flights as appropriate
"The global health crisis has decimated the travel industry and the future remains highly uncertain, with most analysts suggesting that it will take years to recover to pre-crisis levels."
Passenger revenue plummeted 72% to HK$10,396 million in the first half of 2020, with revenue per km falling by a similar number.
The loss reflected the ‘precipitous drop in passenger demand resulting from the extensive travel restrictions, border controls and quarantine arrangements which were implemented around the world’.
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