Cathay Pacific Airways Ltd
HONG KONG — Cathay Pacific Airways Ltd. mentioned it was once in a position to rebuild as Hong Kong opened as much as world guests, in spite of reporting wider losses in 2022.
The airline reported an annual loss of 6.55 billion Hong Kong greenbacks ($834.4 million) for the yr finishing Dec. 31 — an 18.5% build up in losses from 2021 amid strict access restrictions into town. However, Cathay noticed income develop 12% to 51 billion Hong Kong greenbacks ($6.5 billion) as quarantine necessities in Hong Kong have been comfortable in the second one part of 2022.
“2022 was another challenging year for the Cathay Pacific Group due to the travel restrictions brought by the COVID-19 pandemic,” Cathay CEO Ronald Lam mentioned in a remark. “However, we were very encouraged to see a bright light at the end of the tunnel in the second half of 2022, and the positive momentum has continued into 2023.”
The airline mentioned it could be running at abut 70% of pre-pandemic passenger flight capability by means of the top of 2023, and objectives to go back to pre-pandemic ranges by means of the top of 2024.
Cathay has been slower to recuperate than regional opponents corresponding to Singapore Airlines after Hong Kong aligned with mainland China’s restrictions and stance on COVID-19. The town was once a number of the remaining puts on the planet to ease protecting necessities in March, and for maximum of 2022 had required incoming vacationers to serve a compulsory quarantine.
The airline could also be suffering with a scarcity of group individuals in addition to dissatisfaction by means of many flight attendants over pay cuts and no more leisure time.
“We recognize there have been difficulties regarding crew rosters, resourcing, schedules and customer support hotlines,” mentioned Cathay chair Patrick Healy. “We will continue to do our utmost to minimize such issues as we continue to rebuild.”
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