Cathay Pacific Airways Ltd (國泰航空) hopes a recovery in travel demand would allow it to operate closer to 50 percent of its pre-pandemic capacity later next year, provided there is an effective COVID-19 vaccine widely adopted in its key markets.
The Hong Kong-based carrier expects to operate at about 10 percent of typical capacity for the rest of this year and well below one-quarter in the first half of next year, chief customer and commercial officer Ronald Lam (林紹波) said in a statement yesterday as the airline released another bleak set of monthly passenger figures.
“Among the multiple scenarios studied, this one is already the most optimistic that we can responsibly adopt at this moment,” Lam said of the capacity forecasts.
Photo: EPA-EFE
The airline and its Cathay Dragon (國泰港龍) unit flew just 47,061 passengers last month, down 98.1 percent from a year earlier.
The two operated 1,283 flights during the month, compared with 19,292 in September last year.
The duo’s passenger load factor was only 24.9 percent. They carried 109,453 tonnes of cargo and mail last month, decreasing by 36.6 percent.
Cathay is expected to unveil details of a strategic review soon, with some reports suggesting job cuts could be announced as early as this week.
The company, which posted a HK$9.9 billion (US$1.3 billion) loss in the first half, has for months been working on the review as it struggles to get through the COVID-19 crisis, which it has called the most challenging period in its history.
“September rounded off what has been an incredibly difficult summer, traditionally the peak passenger travel season of the year,” Lam said yesterday.
Cathay operated at 9 percent capacity during the month, up from 8 percent in August.
Passenger numbers averaged just 1,568 last month, Lam said.
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