Cathay cash burn improves as curbs eased

Bloomberg

Cathay Pacific Airways Ltd expects cash burn to drop to less than $64 million a month within “the next few months” as Hong Kong gradually rolls back some of the world’s strictest, and longest Covid-19 curbs.
“The recent adjustments to the government’s travel restrictions and quarantine requirements will help facilitate the gradual resumption of travel activities and the strengthening of network connectivity to and from the Hong Kong aviation hub,” the carrier said.
It noted that flight arrangements from early June will include daily flights to and from London Heathrow as well as a resumption or increase in passenger flights to the US, Australia, New Zealand and India. Cathay is wholly reliant on international travel considering it has no domestic market.
Cathay, which at its annual general meeting earlier Wednesday warned Hong Kong is falling behind as the rest of the world reopens, posted traffic figures for April that are still well down on pre-Covid levels. The airline carried a total of 40,823 passengers last month, up 82.2% on April 2021 but 98.7% lower than April 2019.