News / Cathay Pacific reports multi-billion dollar loss, despite valiant performance by cargo

© Ryan Fletcher

Cargo accounted for nearly 60% of Cathay Pacific’s revenues last year, up from 22% a year earlier, as the Hong Kong carrier announced a loss of HK$21.6bn (US$2.7bn).

Group revenue fell by more than half as capacity plummeted 79% and passenger numbers 87%. The group is spending some HK$2.4bn on restructuring, which has cut the monthly cash burn by about HK$500m a month.

Cargo was, of course, the star performer – but the February introduction of quarantine rules for crew in Hong ...