Cathay Pacific Airways Limited went into deep loss in 2020, as Hong Kong’s main carrier transportation industry was still hit by the pandemic.
The net loss was Hong Kong $ 21.65 billion (US $ 2.79 billion), marking the “12 most challenging months” in the airline’s history, it said Wednesday.
Revenue fell 56% to HK $ 46.93 billion, as the volume of passenger traffic on all flights dived due to border restrictions and quarantine requirements.
The employment practice came after a series of attempts by Cathay over the past year to stay away in times of public health crisis.
In October, the company cut about 8,500 jobs, just months after announcing a US $ 5 billion government-led aid package.
Cathay has warned of a “particularly challenging” situation in the first months of 2021, as Hong Kong has tightened movement loops for the city’s pilots and cabinet team. Traffic and passenger capacity fell more than 90% in January, while the passenger feature – the proportion of seats sold – fell to an all-time low of 13.3%.
“Our short-term outlook remains challenging,” said Cathay.
Write to Yifan Wang at [email protected]