If one airline was hit hard by the pandemic, it must have been Cathay Pacific. Looking at the 2025 results, there is not a trace of this period left, with the airline group reporting a consolidated operating profit of HK$14.5 billion.
Compare this to 2019, long the industry’s reference year, when Cathay Pacific posted an HK$3.4 billion operating profit. The net profit compares HK$10.8 billion versus HK$1.7 billion. Actually, 2018 was a better year for Cathay, with an operating profit of HK$3.6 billion and a net profit of HK$2.8 billion.
When COVID-19 first hit China and then spread to the rest of the world, all airlines reduced or even completely closed their passenger networks. But while some regions reopened later in 2020, before a second wave hit in early 2021, Hong Kong and China remained restricted on air travel well into 2022. Cathay’s fleet was parked in Hong Kong and Australia, its future dependent on a lifeline from the government. Hong Kong and the Greater Bay Area were among the last regions to fully emerge from the pandemic. Only since 2022 has Cathay Pacific been able to rebuild its network.
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