Cathay Pacific losses narrow as COVID-19 restrictions ease
Hong Kong airline Cathay Pacific Airways said Wednesday that losses in the first half of the year narrowed as a relaxation in quarantine rules boosted passenger numbers.
But it cautioned that quarantine restrictions on its crew were limiting the airline's ability to increase flight capacity.
The company reported losses of about $5 billion Hong Kong dollars ($637 million) in the first six months, down from 7.57 billion Hong Kong dollars ($964.5 million) in the same period last year.
Hong Kong relaxed strict quarantine rules from 14 to seven days in mandatory hotel quarantine earlier this year, and to just three days from Friday.
It still remains one of the few places in the world, together with mainland China, to require mandatory quarantine for inbound travelers. Such measures have limited recovery for Cathay and the city’s tourism industry, as travelers opt for other destinations that have opened up completely.
Cathay's first-half revenue grew 17% to 18.6 billion Hong Kong dollars, driven largely by an increase in passengers following the easing of quarantine measures.