) warned it did not expect a meaningful recovery in passenger demand for some time due to the coronavirus pandemic after posting a record first-half loss, but signalled a brighter cargo market outlook.
Cathay expects passenger capacity to operate at around 8% of normal in August and September, down from an earlier forecast of up to 10% as travel restrictions continue, Chief Executive Augustus Tang said. Revenue nearly halved to HK$27.7 billion in the six months ended June 30 as it slashed passenger flying to a barebones schedule due to lower demand and border restrictions, though it added more cargo-only flights as freight yields rose 44.1%.
Cargo revenue topped passenger revenue and accounted for 46% of total sales in the first half, up from 21% a year earlier when the freight market was depressed. Cathay said it has rearranged its aircraft order book with Airbus SE to delay deliveries and plans to accept 10 jets from the manufacturer in 2020, down from an earlier 17, and eight in 2021, versus 14 earlier.
The link with Air China will prevent it from collapse
It may need more funding support or...
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