Cathay Pacific suffered a massive loss for the first four months of 2020, at US$580 million. It’s on course for an overall loss in 2020 of US$4 billion.
In April Cathay Pacific & Cathay Dragon combined carried just 13,729 passengers. That’s just 0.4% of the figure in April 2019, a reduction of 99.6%.
Even the flights it is operating are at load factors of just 21.7%, a drop of 63.2%.
Another huge problem has been a core part of the airlines business is transit traffic from the UK and US especially, and that has simply stopped as the HK government has banned transit traffic during the pandemic.
On the positive side, the once near moribund cargo sector is humming, with good rates and high levels of transhipments.
The airline recently closed its San Francisco, New York and Los Angeles bases permanently, with 286 job losses. Future flights will be operated by local agencies.