Cathay Pacific Group Feb Traffic Down 54.1%; Reports HK$2 Bln Loss

Cathay Pacific Group, which consists of Cathay Pacific and Cathay Dragon, said that it carried a total of 1.01 million passengers in February 2020 or 4.74 billion revenue passenger kilometres or RPKs, a decrease of 54.1% compared to February 2019.

The Group’s passenger load factor decreased by 28.6 percentage points to 53.1%, while capacity, measured in available seat kilometres (ASKs), decreased by 29.3%.

The Group carried 118,711 tonnes of cargo and mail last month, or 698.02 million revenue freight tonne kilometres (RFTKs) – a decrease of 6.9% compared to the same month last year.

The cargo and mail load factor increased by 5.8 percentage points to 66.6%, while capacity, measured in available freight tonne kilometres (AFTKs), was down by 15.1%.

Cathay Pacific Group said it is facing an unprecedented challenge as the COVID-19 pandemic continues to cause widespread disruption to its operation and business. In February alone, it made a significant unaudited loss of more than HK$2 billion at the full-service airline level.

Cathay Pacific Group noted that the situation has further deteriorated since February. It has already announced around 65% passenger flight capacity reduction for March. Given the expected further drop in travel demand, it is planning to only operate a bare skeleton passenger flight schedule for April, which represents up to 90% capacity reduction.

Cathay Pacific Group Chief Customer and Commercial Officer Ronald Lam said “If we do not see a relaxation of travel restrictions in the near future, we expect the same arrangement will have to continue into May.”

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