Cathay Pacific Airwaysreported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel, reported Bloomberg.
The outlook isn’t much better, according to Chairman Patrick Healy. “It is by no means clear how the pandemic and its impact will develop,” he said on Wednesday in an online briefing. “The pace of recovery remains highly uncertain.” Cathay said it expects to operate at well below 50% of passenger capacity in 2021.
The company said it will persist with cash preservation measures, which include maintaining executive pay cuts through this year. And it has asked employees to sign up for a third “special leave program” in the first half of 2021, to which 80% have agreed. Previous programs have involved staff taking three weeks of unpaid leave over a designated period.