Cathay Pacific Airways Ltd. said it was ready to rebuild as Hong Kong opened up to global visitors despite reporting wider losses in 2022.
The airline reported an annual loss of 6.55 billion Hong Kong dollars for the year ending Dec. 31 — an 18.5% increase in losses from 2021 amid strict entry restrictions into the city during the first half of 2022.
Cathay attributed the significant loss in 2022 to results from its associates, including Air China, that “reflected the continuing impact of the COVID crisis on our Chinese mainland investments,” Cathay Chair Patrick Healy told a news conference Wednesday. Cathay has been slower to recover than regional rivals such as Singapore Airlines after Hong Kong aligned with mainland China’s restrictions and stance on COVID-19. The city was among the last places in the world to ease masking requirements in March, and for most of 2022 had required incoming travelers to serve a mandatory quarantine.
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