Cathay Says Liquidity Healthy, Too Early to Assess Omicron Jolt
Bloomberg
Excerpt
Dec 1, 2021
Cathay Pacific Airways Ltd. said it’s maintaining a healthy level of liquidity after bringing down cash burn, helped in large part by strong cargo operations while passenger capacity remains restricted by the pandemic.
Ready cash reserves stood at HK$31.7 billion ($4.1 billion) as of Oct. 31, more than twice the level in June last year when Cathay was burning through as much as HK$3 billion a month, the airline said in an update to analysts Wednesday. The business is now at around breakeven, it said.
Chief Financial Officer Rebecca Sharpe said Cathay may consider additional financing opportunities but it wasn’t yet possible to say if a HK$7.8 billion bridging loan from the Hong Kong government would be drawn down or extended again.
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