{"id":1871420,"date":"2023-03-08T06:11:39","date_gmt":"2023-03-08T11:11:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cathay-looks-to-rebuild-after-brutal-pandemic-losses\/"},"modified":"2023-03-08T06:12:09","modified_gmt":"2023-03-08T11:12:09","slug":"cathay-looks-to-rebuild-after-brutal-pandemic-losses","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cathay-looks-to-rebuild-after-brutal-pandemic-losses\/","title":{"rendered":"Cathay looks to rebuild after \u2018brutal\u2019 pandemic losses"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcathay-looks-to-rebuild-after-brutal-pandemic-losses%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1871420&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> <br \/>\n<?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"entry-content\">\n<p>Anne Marie Roantree, Donny Kwok<\/p>\n<p>HONG KONG, (Reuters) \u2013Cathay Pacific Airways Ltd has declared that it is prepared to rebuild Hong Kong&#8217;s status as a hub after the pandemic. The statement was made by the chief executive of the carrier on Wednesday. It reported a loss in 2022 at the bottom end of its forecast range.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<\/p>\n<p>Cathay shares rose by 1.4%, to HK$7.95 immediately after the results were published. Investors bet on a turnaround in the wake of heavy losses from the pandemic. The stock fell 0.3% compared with a 2.4% decline for the Hang Seng Index.<\/p>\n<p>&#8220;We were very encouraged to see a bright light at the end of the tunnel in the second half of 2022, and the positive momentum has continued into 2023,&#8221; Ronald Lam was the Chief Executive Officer. <\/p>\n<p>&#8220;After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong.&#8221;    <\/p>\n<p>For the twelve months ending Dec. 31, the airline posted an annual loss in excess of HK$6.55 trillion ($834.4 Million). This is higher than its previous loss, but still within the range of the January forecast of a loss between HK$6.4 billion to HK$7.4 billion. <\/p>\n<p>According to data from Refinitiv, analysts had predicted a loss of HK$4.4 trillion annually. After the lifting of border restrictions between Hong Kong and mainland China, they forecast a profit of HK$3.9billion for 2012.<\/p>\n<p>Hong Kong&#8217;s leading carrier claimed that the recruitment drive it announced in October, to increase its staff by 4,000 over the next 18-24 month was proceeding as planned. There were sufficient cabin crew members and pilots available to help support this demand.   <\/p>\n<p>According to the company, it hopes passenger and cargo volumes will return to pre-pandemic levels by 2024. <\/p>\n<p>Cathay had placed a lot of its aircraft in desert areas during the pandemic because of a lackluster demand. This year, Cathay&#8217;s recovery is slower than Singapore Airlines Ltd. which was subject to more stringent rules.\u00a0\u00a0<\/p>\n<p>COVID flight cancellations, closing of borders and quarantine restrictions for crew severely affected the airline, leading to drastic reductions in headcount.<\/p>\n<p>Cathay claimed it had approximately one-third pre-pandemic capacity for passenger flights by December. It ended the year with passenger flights to 58 destinations. This is twice the number of destinations Cathay flew to in January 2022.   <\/p>\n<p>By 2023, it would have approximately 70% of the pre-pandemic passenger capacity. The goal was to eventually return to prepandemic levels in 2024. By the end 2022, it was operating at about two-thirds its pre-pandemic cargo flight capacities.<\/p>\n<p>($1=7.8498 Hong Kong dollars)<\/p>\n<p> (Reporting by Anne Marie Roantree. Donny Kwaok. Twinnie Siu. Editing by Jamie Freed. Stephen Coates. Muralikumar. Anantharaman.<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/cathay-looks-to-rebuild\/attachment\/file-photo-a-cathay-pacific-airways-airbus-a350-airplane-approaches\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/cathay-looks-to-rebuild\/attachment\/cathay-pacific-group-chief-customer-and-commercial-officer-lavinia-lau\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/cathay-looks-to-rebuild\/attachment\/cathay-pacific-employees-work-at-hong-kong-international-airport-in\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/cathay-looks-to-rebuild\/attachment\/cathay-pacific-employees-work-at-hong-kong-international-airport-in-2\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/cathay-looks-to-rebuild\/attachment\/cathay-pacific-employees-work-at-hong-kong-international-airport-in-3\/\"><\/a><\/p>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.oann.com\/business\/cathay-looks-to-rebuild\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=cathay-looks-to-rebuild\">Cathay looks to rebuild after \u2018brutal&#8217; pandemic losses<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anne Marie Roantree, Donny Kwok HONG KONG, (Reuters) \u2013Cathay Pacific Airways Ltd has declared that it is prepared to rebuild Hong Kong&#8217;s status as a hub after the pandemic. The statement was made by the chief executive of the carrier on Wednesday. It reported a loss in 2022 at the bottom end of its forecast &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1889862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[8260,20927,4342,4828,6789],"class_list":["post-1871420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-brutal","tag-cathay","tag-losses","tag-pandemic","tag-rebuild"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1871420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1871420"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1871420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889862"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1871420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1871420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1871420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}