Business & Economy

Cathay Pacific widens losses but forecasts flight recovery in 2024

Shanghai, China, Mar 8 (EFE).- Hong Kong’s flag carrier Cathay Pacific announced Wednesday that its net losses increased by 17 percent in 2022 due to Covid-19 measures but forecast that it would reach pre-pandemic passenger capacity levels before the end of 2024.

In its annual results report released on Wednesday, the company also pointed out that it expects to operate at around 70 percent of pre-pandemic passenger capacity by the end of the year.

Cathay Pacific’s net losses stood at HK$7.16 billion ($912.4 million dollars).

“Cathay Pacific has experienced three challenging years due to the Covid-19 pandemic, with 2022 very much being a year of two halves,” chairman Patrick Healy said in a statement.

As an example of the setback Cathay Pacific suffered due to the arrival of the contagious omicron variant, Healy said that the airlines flew only 58 passengers on Mar. 12 last year.

The company suffered especially due to the Covid-19 restrictions imposed in 2020 until earlier this year because, unlike other international airlines, it does not operate a domestic market and Hong Kong’s borders with the rest of China remained virtually closed for almost three years.

Cathay Pacific’s shares at the Hong Kong stock exchange had fallen 0.64 percent by the mid-session break, during which the company released its results. EFE


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