Hong Kong-based company Cathay Pacific has announced their 2021 results. While they cannot color a fairly picture of the current state of the airline, there are some signs of development using areas of the carrier’s business.
Financial problems continue all through 2021
Cathay Pacific has placed a lack of HK$5.5 billion (US$706 million) for 2021. While however a substantial amount, the figure presents a noticable difference over the record deficits of HK$21.6 billion (US$2.8 billion) suffered by the airline in 2020, explained in the economic record for that year as ‘the absolute most challenging year in the airline’s history.’
These sizeable deficits seriously the trunk of strict journey limitations that stay in place for people in to and out of Hong Kong, the airline’s foundation and major market, with small sign that they may be removed any moment soon. With the past 2 yrs showing significant problems, the airline, and their shareholders are impossible to see any reprieve soon. Nevertheless, there are glimmers of trust can be found in some areas of the carrier’s operations.
Focussing on the key points of the airline’s record, the decrease in economic deficits for 2021 over 2020 presents a reduced amount of 74.5% overall. This is largely pushed by a noticable difference in the airline’s shipment division, as international need for shipment volume improved all through 2021.
Passenger operations impacted the absolute most
Cathay’s individual function extended to battle through the year. Passenger figures slipped very nearly 85%, carrying only 717,000 passengers in 2021 versus 4.3 million in 2020. Both of these numbers symbolize a much cry from pre-COVID times when the airliner flew about 35 million passengers annually.
The common individual fill component for 2021 was only 31.1%, down from 58.0% in 2020, addressing a reduced amount of 26.9%. That fill component equates to the airline carrying only 1,965 passengers per day when analyzed closer. Accessible seat kilometers were down by 61.8% year-on-year, while revenue individual kilometers dropped with a tremendous 79.5% in 2021 over 2020.
Fleet employment numbers for the entire Cathay fleet were also down, falling from 4.3 hours per day in 2020 to only 3.4 hours in 2021 – concerning numbers for an airline whose operations remain mainly moderate and long-haul. With a complete fleet of 173, planespotters.net implies that 93 of these remain parked/in storage, with just 80 in productive company with the airline.
The contribution from shipment is helping
Even though the airline’s shipment function moved very nearly the same level of shipment in 2021 in comparison to 2020 (1.3 million tonnes), the produce built on carrying that shipment was considerably higher, rising by 33.1%. Force component on the shipment operations was also higher, rising from 73.3% to 81.4%, a rise of 8.1%. That led to a 32% escalation in profits for the shipment division for 2021 to HK$32.3 billion (US$4.1 billion).