Cathay Pacific chairman says no more job cuts, government bailouts needed to get through Covid-19 crisis

Cathay Pacific chairman says no more job cuts, government bailouts needed to get through Covid-19 crisis

Cathay Pacific will not seek any further job cuts or government bailouts, as it expects to return to normal flying levels by the end of next year, the airline’s chairman has told lawmakers.

Patrick Healy said on Monday that, based on current estimates, he believed the airline’s response to Covid-19, including its cost-slashing programme, would see it through the industry’s slow recovery.

“The assumptions we have made for our business going forward … our liquidity position and balance sheet are certainly strong enough … to take us through the crisis without the need for further recapitalisation and without the need for further retrenchment,” Healy told a tense Legislative Council meeting.