Cathay Pacific says it carried only 4.4 million passengers in the 1st half of 2020 – a 76% plunge compared to the same period a year ago.
Hong Kong carrier Cathay Pacific said on Wednesday, August 12, it lost HK$9.9 billion in the 1st half of this year as the coronavirus pandemic sent passenger numbers tumbling, eviscerating its business.
"The global health crisis has decimated the travel industry and the future remains highly uncertain, with most analysts suggesting that it will take years to recover to pre-crisis levels." Cargo remained the lone bright spot, rising 9% on-year to HK$11.2 billion. Demand was driven up by a squeeze on space for cargo, which is often carried in the holds of passenger planes.
Unlike other big international carriers, Cathay has no domestic market to fall back on, and it was already under pressure after months of huge protests in Hong Kong last year caused passenger numbers to plunge.
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