Cathay Pacific warns biggest crisis to persist after $1.3 billion loss

Cathay Pacific Airways Ltd. said it doesn’t expect to see any meaningful recovery in business for some time, after it posted a first-half net loss of HK$9.9 billion ($1.3 billion) as the coronavirus pandemic brought global travel to a near standstill.

The airline and its Cathay Dragon unit flew 4.4 million passengers in the first six months, compared with 18.3 million people a year earlier. Passenger revenue tumbled 72% to HK$10.4 billion during the period, Cathay said in a statement Wednesday. It flew an average of just 500 passengers a day in April and May. Hong Kong Express, which Cathay bought in July 2019, suspended services in March and only began resuming some flights in August. The low-cost unit posted a “significant loss” in the first half, Cathay said.