News / New Covid rules force Cathay Pacific toward capacity cuts and operating losses

Cathay Pacific's passenger fleet parked in Hong Kong in April 2020 © Earnesttse

Hong Kong’s latest Covid restrictions have forced Cathay Pacific to drastically slash capacity, likely to mean a resumed operating cash burn from next month.

Cathay flew 134,691 tonnes of cargo in December, up 12% year on year, but down 24.1% compared with the same period in 2019, while capacity was up 6.5% year on year, but down 32.9% on 2019.

Cathay CEO Augustus Tang said: “In late December and then in early January, the Hong Kong SAR government further tightened aircrew quarantine ...