Cathay Pacific loses HK$2b in February due to virus
Cathay Pacific Airways said it made a “significant” unaudited loss of more than HK$2b (US$257m) in February alone because of widespread disruption from the coronavirus, which has left the global aviation industry reeling. The monthly loss is for Cathay and Cathay Dragon, chief customer and commercial officer Ronald Lam said Monday. Last week, Cathay reported a 28% drop in 2019 net income to $1.69m as protests in Hong Kong hurt demand. Now the coronavirus is proving to be even more damaging to the carrier’s business. Lam said Cathay will only operate a “bare skeleton passenger flight schedule” for April, representing a capacity reduction of up to 90%. That could continue into May if there’s no relaxation of travel and immigration restrictions that have been imposed by nations worldwide. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-03-17/oneworld/cathay-pacific-loses-hk-2b-in-february-due-to-virus
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Cathay Pacific loses HK$2b in February due to virus
Cathay Pacific Airways said it made a “significant” unaudited loss of more than HK$2b (US$257m) in February alone because of widespread disruption from the coronavirus, which has left the global aviation industry reeling. The monthly loss is for Cathay and Cathay Dragon, chief customer and commercial officer Ronald Lam said Monday. Last week, Cathay reported a 28% drop in 2019 net income to $1.69m as protests in Hong Kong hurt demand. Now the coronavirus is proving to be even more damaging to the carrier’s business. Lam said Cathay will only operate a “bare skeleton passenger flight schedule” for April, representing a capacity reduction of up to 90%. That could continue into May if there’s no relaxation of travel and immigration restrictions that have been imposed by nations worldwide. <br/>
