May 15, 2020 / 4:18 AM / 18 days ago

Cathay Pacific losing money, says business outlook remains 'very bleak'

SYDNEY, May 15 (Reuters) - Cathay Pacific Airways Ltd said on Friday it made an unaudited loss of HK$4.5 billion ($580.53 million) at its full-service airlines in the first four months of the year and the financial outlook remained “very bleak” due to the pandemic.

Cathay said passenger numbers in April dropped by 99.6% compared to the prior year as it flew a skeleton network due to a ban on transit traffic in Hong Kong and little outbound demand.

“At this stage, we still see no immediate signs of improvement,” Cathay Chief Customer and Commercial Officer Ronald Lam said in a statement.

“We are evaluating all aspects of our business to ensure that we remain strong and competitive when we emerge from this crisis.” ($1 = 7.7515 Hong Kong dollars) (Reporting by Jamie Freed Editing by Shri Navaratnam)

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