Cathay Pacific Group's June cargo volumes down 43.1%

The Cathay Pacific Group today released combined Cathay Pacific and Cathay Dragon traffic figures and cargo performance for June 2020. The directors of Cathay Pacific Airways Limited estimate that for the six months ended 30 June 2020, the group will record a net loss attributable to shareholders of approximately HK$9.9 billion, which compares to a net profit to shareholders of HK$1.3 billion for the same period in 2019.

The cargo and mail load factor increased by 11.7 percentage points to 74.5 percent, while capacity, measured in available freight tonne kilometres (AFTKs), was down by 45.9 percent. In the first six months of 2020, the tonnage fell by 31.9 percent against a 31 percent drop in capacity and a 24.6 percent decrease in RFTKs, as compared to the first-half period for 2019.

Cathay Pacific continued to operate a full freighter schedule as well as chartered flights from its all-cargo subsidiary, Air Hong Kong, in June. There were fewer cargo-only passenger flights compared with May.

Cathay Pacific Group’ chief customer and commercial officer Ronald Lam said: “Despite a mild pickup in general airfreight movements, our cargo tonnage fell by 5 percent month-on-month as demand for medical supplies waned following a peak month in May. The reduction of long-haul carriage from the Chinese mainland and Hong Kong made way for movements from Southeast Asia and the Indian sub-continent as local lockdown measures eased.

“Meanwhile, the improvement in inbound Hong Kong loads and network support led to a higher load factor, which increased 11.7 percentage points year-on-year to 74.5 percent. Yields came down following the significant rise seen in May.“

Cathay Pacific and Cathay Dragon carried a total of 27,106 passengers last month, a decrease of 99.1 percent compared to June 2019. The month’s revenue passenger kilometres (RPKs) fell 98.8 percent year-on-year. Passenger load factor dropped by 59.3 percentage points to 27.3 percent, while capacity, measured in available seat kilometres (ASKs), decreased by 96.1 percent. In the first six months of 2020, the number of passengers carried dropped by 76 percent against a 65.7 percent decrease in capacity and a 72.6 percent decrease in RPKs, as compared to the same half-year period for 2019.

Lam said: “The landscape of international aviation remains incredibly uncertain with border restrictions and quarantine measures still in place across the globe. Although we have begun to see some initial developments, notably a slight increase in the number of transit passengers following the easing of transit restrictions through Hong Kong International Airport, we are still yet to see any significant signs of immediate improvement.”