Hong Kong flag carrier Cathay Pacific Airways\u00a0on Wednesday announced historic losses due to the COVID-19 pandemic.<\/p>\n\n\n\n
The losses come despite the financial restructuring measures taken by the airline, including laying off staff and cutting salaries.<\/p>\n\n\n\n
Losses rose to $2.8 billion in 2020 alone, the airline said in a statement, according to daily South China Morning Post, with its boss warning of continuing market challenges.<\/p>\n\n\n\n
Patrick Healy, the chairman of the 70-year-old airliner, called the past 12 months \u201cthe most challenging\u201d yet for Cathay, adding that the future remains unclear.<\/p>\n\n\n\n
\u201cMarket conditions remain challenging and dynamic,\u201d he said in a statement. \u201cIt is by no means clear how the pandemic and its impact will develop over the coming months.\u201d<\/p>\n\n\n\n
Last October, Cathay Pacific announced it was cutting nearly 6,000 jobs to survive the economic fallout from the COVID-19 pandemic.<\/p>\n\n\n\n
\u201cAll our cash preservation measures will continue unabated,\u201d said Healy.<\/p>\n\n\n\n
It said to survive its losses, it would make a historic cut of 8,500 jobs globally, including 5,300 in Hong Kong alone.<\/p>\n\n\n\n
It also shut its low-cost Cathay Dragon brand.<\/p>\n\n\n\n
The total jobs cuts include 2,600 unfilled posts. It was the biggest job cut by any company in Hong Kong since the 1980s.<\/p>\n\n\n\n
The airline also said that of its 35,000 staff, 24% of roles “would be eliminated,” reducing its workforce.<\/p>\n\n\n\n
Augustus Tang Kin-wing, Cathay Pacific\u2019s CEO, also asked all employees to get vaccinated.<\/p>\n\n\n\n
He added that inoculation campaigns would help bring about the lifting of travel restrictions.<\/p>\n\n\n\n
Since the outbreak began in December 2019, Hong Kong has reported over 11,000 COVID-19 cases, including 202 deaths.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hong Kong flag carrier Cathay Pacific Airways\u00a0on Wednesday announced historic losses due to the COVID-19 pandemic. The losses come despite the financial restructuring measures taken by the airline, including laying off staff and cutting salaries. Losses rose to $2.8 billion in 2020 alone, the airline […]<\/p>\n
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