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Cathay Pacific narrows annual loss on cost cuts, strong cargo demand -Breaking

by Mike Robinson

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© Reuters. Cathay Pacific plane transporting Fosun BioNTech CoVID-19 vaccines lands at Hong Kong International Airport. Jerome Favre/Pool via REUTERS/Files

(Reuters) – Hong Kong’s Cathay Pacific Airways Ltd (OTC) Ltd reported Wednesday a loss of HK$5.5 Billion ($703.45 Million). This is compared to the prior year’s loss of HK$21.65 Billion. It was due to strong demand for air cargo and cost-cutting measures.

After reporting positive cashflow in the second half, the airline projected a loss of HK$5.6 to HK$6.1 billion annually by 2021.

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