Yahoo Finance Cathay Pacific Announces Further Flight Cuts
By Gina Lee
Investing.com – Hong Kong’s flag carrier Cathay Pacific Airways Limited (HK:0293) announced further cuts to its number of flights in April.
An internal memo from Chief Executive Augustus Tang said that the airline would maintain two weekly passenger flights from Hong Kong to London, Los Angeles, Vancouver and Sydney.
It will also maintain thrice-weekly flights to regional hubs such as Beijing, Tokyo and Singapore.
Cathay has seen a steep drop in passenger numbers from its usual daily load of 100,000 passengers as the COVID-19 pandemic continues to pound the industry.
The airline will attempt to cash in on stronger cargo demand, but cargo revenues are “still well below last year,” Tang added.
Most of Cathay's employees have already taken three weeks of unpaid leave and Tang himself is taking a 30% cut to his base salary for the rest of the year alongside Chairman Patrick Healy.
The airline’s stocks were down by 0.98% by 12:03 PM ET (5:03 AM GMT).
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