In a letter to all staffers, he pointed out that many countries have started their vaccination programme already in order to loosen travel restrictions, when calling employees to receive vaccine shots.

The company’s operation still faces challenges in the short term, according to Tang. He thanked his employees for showing support so that the brand can reinforce its position and withstand the impact the pandemic has brought to the industry over the past year.

Yet in the letter he didn’t rule out more layoffs or no-pay leave, saying that the company will take action to ensure cash flow and asset liquidity. Further arrangements depend on the recovery progress of the business.

Tang mentioned that the number of passengers carried last year constitutes only 13 percent of that in 2019, due to the pandemic and stringent health and quarantine measures across the world.

He believed that business will improve in the medium and long term. He is now making plans to boost the post-pandemic recovery and growth. He will make announcements within months.

Tang said that the restructuring project announced earlier focused on enhancing the efficiency and competitiveness of the operation. Cathay Pacific will be in an advantageous position to welcome travellers again with the two brand strategies of Cathay Pacific and Hong Kong Express, said Tang.

Hong Kong’s third runway and business opportunities in the Greater Bay area could help as well, he added.

Earlier today Cathay Pacific reported a record annual loss of HK$21.65 billion for 2020, HK$9.86 billion in the first half and HK$11.78 billion in the second half, while in 2019 they reported a profit of HK$1.69 billion. HK Express also reported a loss of HK$1.72 billion for 2020.