Cathay Pacific To Hong Kong – Hong Kong’s flagship carrier Cathay Pacific has seen a drop in business due to the country’s COVID measures. (Photo: Matt Driskill)
Hong Kong’s Cathay Pacific Airways on Wednesday (Aug 10) reported a first-half loss of HK$5 billion (US$637 million), down from HK$7.57 billion a year earlier, as various regulatory cuts boosted passenger numbers. The airline said in June it expected a lower first-half loss than last year, although it warned the figure would still be “significant”.
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This return on the strong airline passenger business increased 178.9 percent to HK$2.06 in the first half of 2022 compared to the same period last year. Cathay also reported a 17% rise in revenue to HK$18.55 billion, compared to HK$15.85 billion in the same period last year, while costs fell slightly.
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Airlines continued to be the biggest buyers, generating revenue of HK$13.8 billion in the first half of the year, up 8.9 percent year-on-year. The airline carries an average of 1,853 passengers per day, which is an increase of 113.4% compared to the same period last year. The load factor – a measure of full capacity – was 75.8 percent compared to 81.4 percent previously. The company attributed the strong revenue to an increase in cargo flights to the Americas and Europe, with such flights operating at more than half of pre-pandemic levels in June.
Cathay announced in late July that it would return a passenger plane that crashed in the desert around the Australian city of Alice Springs, where a third of its fleet was previously based. On Monday, the airline also asked the Hong Kong government to present a clear roadmap to lift all anti-virus travel restrictions to protect the city’s status as an airport. The move follows the authorities’ decision to reduce hotel restrictions from 7 days to 3 from Friday, while immigrants are allowed to spend the remaining four days at home or in other houses with freedom of personal travel.
Patrick Healy, CEO of Cathay Pacific Group, said the airline is off to a strong start to 2022. “For more than two years, COVID-19 has had an unprecedented impact on global aviation, and the situation has often shifted between periods of improvement and significant . setbacks as new strains of the virus emerged. The first half of 2022 has similarities to the first half of 2021. The spread of the new strain of COVID-19, Omicron, has led to severe travel and service restrictions, particularly in Hong Kong and mainland China, severely limiting our ability to operate flights and influenced the huge demand for travel.
In early January, Hong Kong introduced a number of measures aimed at combating the virus, including a ban on flights to Hong Kong from nine countries, including major markets such as the UK and US, and travel bans. transfer from Hong Kong International Airport. Anti-segregation rules for Hong Kong airlines and specific grounding procedures were also strengthened.
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“These restrictions have led to a difficult first few months of 2022 and we have reduced passenger and cargo capacity,” Healy said. “As our country weathers a more severe pandemic, we have supported the movement of people and essential goods between Hong Kong and the rest of the world and protected the integrity of the travel network and our burden. The challenges posed by COVID-19 and the restrictions that have been put in place to combat it have placed a heavy burden on many of our workers, especially our airlines, thousands of whom have spent many nights in I would like to express my deepest gratitude to all our people for their selfless efforts and outstanding service at this difficult time.
Looking ahead, the recent changes to the various arrangements for arriving passengers are expected to improve the travel experience,” Healy said. “We aim to slowly increase passenger capacity to a quarter and cargo capacity to 65 percent of pre-epidemic levels by the end of 2022. This gives us confidence that airlines and the people we help will see the power of the second more than the second. performance of the first half. However, partner results (many reporting three months of payments) will continue to be strong.”
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Hong Kong has agreed to lead a HK$39 billion ($5 billion) rescue effort for national carrier Cathay Pacific, marking the latest instance of the government taking a stake in a private airline to help it afloat during the Covid-19 pandemic . In a filing to the Hong Kong Stock Exchange on Tuesday, Cathay said the government would provide a HK$27.3 billion package, consisting of HK$7.8 billion in loans and HK$19.5 billion in the purchase of preferred shares. The HK$11.7 billion guidance will come from new product launches.
The result, called Aviation 2020 Limited, will have the right to elect observers to attend board meetings and receive management input as long as it remains a shareholder or any fund. The port’s loans are still substantial.
In its filing, Cathay Pacific blamed travel restrictions imposed by various governments leading to reduced traffic to Hong Kong due to uncertainty about future operations.
“Cathay Pacific has reviewed the available options and believes a refund is necessary to ensure it has sufficient liquidity for the current crisis,” the airline said in a statement. “It is also expected to put Cathay Pacific in a better position to compete strongly and take advantage of any opportunities that may arise as a result of the current crisis and should position Cathay Pacific for growth after the crisis ends.”
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The airline added that its company plans to implement further wage cuts and a second special holiday plan for employees, as well as “review all aspects of Cathay Pacific Group’s business model to meet Hong Kong’s air travel needs trips to maintain the status quo.” Financial Cathay Pacific performance and fulfillment of its responsibilities to shareholders. “
Given its location on the island, Cathay can’t rely on passenger revenue, meaning restrictions on international travel make it difficult for the airline. Since the start of the Covid crisis, Cathay Pacific Group has reduced passenger capacity
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