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Cathay looks to rebuild after 'brutal' pandemic losses

Cathay Pacific Airways Ltd reported an annual loss of HK$6.55 billion ($834.4 million) for the 12 months ended Dec. 31, near the bottom of its forecast range. Cathay aims to return to pre-pandemic levels by the end of 2024.

  • Cathay Pacific Airways Ltd reported an annual loss of HK$6.55 billion ($834.4 million) for the 12 months ended Dec. 31, near the bottom of its forecast range.
  • Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing the morning's declines as investors bet on a turnaround.
  • The airline said it was operating about one-third of pre-pandemic passenger flight capacity by December.
  • Cathay aims to return to pre-pandemic levels by the end of 2024.
  • The airline had parked much of its fleet in the desert during the pandemic due a lack of demand.
Cathay looks to rebuild after 'brutal' pandemic losses
Cathay Pacific Airways Ltd is ready to rebuild the airline and Hong Kong’s hub status as it emerges from the pandemic, the carrier’s chief executive said on Wednesday after it reported a 2022 loss at the low end of its forecast range.

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