HONG Kong's flag
carrier Cathay Pacific has reported record losses of HKD21.6
billion (US$2.8 billion) in 2020, a year blighted by the Covid-19
pandemic - the worst crisis in commercial aviation history.
The Hong Kong flag carrier's annual financial
performance sank even lower than predicted, as it posted one of the biggest
losses for a city-listed company since the public health crisis emerged more
than a year ago. Last year the airlines posted a profit of HKD1.69 billion.
Losses in the second half of 2020 increased to HKD11.8
billion, up from a loss of HKD9.9 billion in the first six months of the year,
with larger-than-expected restructuring charges and a reduction in the value of
assets such as aircraft piling pressure on the business.
Analysts were expecting an annual HK$20.4 billion loss,
according to those surveyed by Bloomberg ahead of the
announcement.
Cathay chairman Patrick Healy
described the past 12 months as "the most challenging" in the
airline group's 70-year history, and warned of an uncertain future.
"Market conditions remain challenging and
dynamic," he said in a statement. "It is by no means clear how the pandemic
and its impact will develop over the coming months." He added: "All
our cash preservation measures will continue unabated."
Only its air freight operations saved the company from
recording even deeper losses, as prices soared due to the high demand for
shipments and fewer planes flying during the pandemic.
"Cargo, on the other hand, performed very well,
delivering record revenues of HKD24.6 billion, an increase of 16.2 per cent
versus 2019, in a year when our capacity was down by more than 35 per cent",
the chairman said.
"This was a reflection not only of the imbalance in
the market between demand and available capacity, but also of the extraordinary
work of our people to secure revenue wherever possible in incredibly dynamic
market conditions."
Mr Healy said the airline took numerous steps to add
capacity, including operating 5,648 cargo-only passenger flights, chartering
680 freighter flights from our all-cargo subsidiary, Air Hong Kong, as well as
loading cargo in the cabins of some passenger aircraft.
"We also converted four of our passenger aircraft to
allow for more cargo capacity by removing seats. In 2020 overall, load factors
increased by 8.9 percentage points compared to 2019 to 73.3 per cent, and
yields were up by 58.3 per cent."
On passenger business, the airline carried just over 13 per
cent of the passengers it carried in 2019. Capacity was down 78.8 per cent
compared to the previous year and revenue passenger kilometres (RPKs) decreased
85.1 per cent. Load factors averaged just 58 per cent, a drop of 24.3
percentage points compared with 2019, and reached a low of 18.2 per cent in
October. Yields were up 4.8 per cent to 56.3 cents.
Looking ahead, Mr Healy reaffirmed his belief in a vaccine-led
recovery but warned the "correlation" of vaccinations and the
relaxation of travel restrictions remained "highly uncertain and difficult
to predict".
"Our short-term outlook continues to be challenging.
However, we remain absolutely confident in the long-term future and competitive
position of our airlines, as we recover and rebuild from the impact of
Covid-19," the chairman added.
Source : HKSG / Photo : Cathay Pacific.
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