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Bloomberg
Cathay Pacific Airways Ltd carried just 37,815 passengers in November, down 98.6% from a year earlier, and warned that its second-half losses will be significantly worse than the HK$9.9 billion ($1.3 billion) hemorrhage in the first six months.
Average passenger capacity in the second half is only likely to be 8.4% of pre-pandemic levels, compared with 34.3% in the first half, the Hong Kong-based carrier said.
Restructuring and impairment costs will add to the pressure on earnings as demand remains elusive.
“We are still not seeing significant demand for travel as we head towards the end of 2020 — traditionally a strong travel season in the year,†Cathay’s Chief Customer and Commercial Officer Ronald Lam said in a statement.
Cathay’s passenger traffic has been down around 99% every month since April as Covid-19 and related travel restrictions decimated demand.