Cathay Pacific slashes Q4 travel outlook

Cathay Pacific has slashed its outlook for air travel in the coming months.

Over the fourth quarter it now expects to operate just 13% of its pre-crisis capacity.

That's down from 30% in earlier forecasts.

The Hong Kong airline has been hit by lingering lockdowns.

Its home city is under some of the world's toughest travel restrictions.

Cathay also suffers from the lack of any domestic market.

Now the airline says it will continue to burn through cash at a rate of about $130 million a month for the rest of the year.

Passenger numbers were a bit stronger in August, thanks to students travelling from China to the U.S.

But they were still down over 95% on normal times.

Cargo was the airline's one bright spot, with demand ramping up to peak season levels.

It accounted for four fifths of the airline's revenue in the first half of the year.

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