Hong Kong’s Cathay Pacific posts $834 million loss for 2022

By ZEN SOO
Associated Press

HONG KONG (AP) — Cathay Pacific Airways Ltd. says it’s ready to rebuild as Hong Kong opens up to global visitors,despite reporting wider losses in 2022. In a filing, the airline reported an annual loss of $834.4 million for the year ending Dec. 31. That’s an 18.5% increase in losses from 2021. Hong Kong had strict entry restrictions during the COVID-19 pandemic, but is heavily promoting tourism since opening up. However, revenue grew 12% to $6.5 billion. The airline CEO Ronald Lam says he’s encouraged by the positive momentum. The company aims to be operating at abut 70% of pre-pandemic passenger flight capacity by the end of 2023, and to return to pre-pandemic levels by the end of 2024.