Omicron variant: Cathay Pacific expects Hong Kong’s passenger-flight capacity to lag rest of world for ‘foreseeable future’
- Cathay’s passenger capacity is sitting at 7 per cent of normal levels this year, while competitors globally are running closer to 70 per cent
- But executives sound more optimistic note about airline’s financial footing
“Hong Kong and Cathay Pacific are lagging behind many airlines in terms of capacity resumption on the passenger front,” chief customer and commercial officer Ronald Lam Siu-por said on Wednesday. “No doubt there will be a gap for the foreseeable future.”
Cathay’s passenger capacity is sitting at 7 per cent of normal levels this year, while competitors globally are running closer to 70 per cent, airline data shows.
But Cathay executives did sound a more optimistic note about the company’s financial footing in a meeting with investors.
Cathay continues to hoard cash, with a HK$31.7 billion (US$4.1 billion) stockpile as of October, down HK$1.1 billion since June.
It also reaffirmed that it was making greater strides in stemming monthly operating losses of about HK$1 billion, getting “close” to breaking even between July and October without giving a specific figure.
“So overall, in terms of our liquidity position, I would say it remains at a healthy level for the business at this time,” finance chief Rebecca Sharpe said.
