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Hong Kong's Cathay posts $834 million loss for 2022
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Travelers walk through the departures hall near a sign for Cathay Pacific at Hong Kong International Airport in Hong Kong, on Wednesday, March. 8, 2023. Cathay Pacific Airways Ltd. said it was ready to rebuild as Hong Kong opened up to global visitors, despite reporting wider losses in 2022. - photo by AP Photo/Louise Delmotte
HONG KONG (AP) — Cathay Pacific Airways Ltd. said it was ready to rebuild as Hong Kong opened up to global visitors, despite reporting wider losses in 2022. The airline reported an annual loss of 6.55 billion Hong Kong dollars ($834.4 million) for the year ending Dec. 31 — an 18.5% increase in losses from 2021 amid strict entry restrictions into the city. However, Cathay saw revenue grow 12% to 51 billion Hong Kong dollars ($6.5 billion) as quarantine requirements in Hong Kong were relaxed in the second half of 2022.