CPCAF - Cathay Pacific lowers passenger outlook to 13% of pre-COVID levels

Cathay Pacific (OTCPK:CPCAY -1.2%) lowers its Q4 passenger capacity guidance to 13% of pre-pandemic levels down from previous hopes of 30%, blaming continuing operational and passenger travel restrictions. The airline expects cash burn at a rate of under HK$1B ($130M) per month. Passenger numbers did increase from the previous month due to student traffic from China to the US, but were still 95.3% below pre-pandemic levels. Hong Kong has been one of the hardest hit cities in the flight industry, requiring inbound passengers from "high-risk" areas including the US and Britain to be vaccinated and quarantine for three weeks. Regarding cargo, the airline predicts a "strong peak season" due to the need for inventory replenishment and global ocean freight congestion. Air cargo made up ~80% of the airline's revenue in the first half of 2021. In the US, airline stocks saw a boost on reports that President Biden will loosen some

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Cathay Pacific lowers passenger outlook to 13% of pre-COVID levels