Cathay Pacific has reported a loss of HK$5.6-6.1 billion (AU$1-1.1 billion) for fiscal 2021 as the Covid-19 pandemic continues to take its toll.

However, the amount represents an improvement over the previous year’s losses of HK$21.6 billion (AU$3.87 billion).

According to the Hong Kong-based airline, the improvement was primarily driven by solid cargo demand, high cargo yield and load factors, and a continued focus on adequate cash and cost management.

Furthermore, the full-year 2020 performance reflected one-time factors such as impairment costs and restructuring, significantly reduced in 2021.

“Passenger travel remained extremely subdued throughout 2021 due to continuous travel restrictions and tight quarantine regulations,” stated Cathay Pacific CEO Augustus Tang.

Last year, the airline carried 717,059 passengers, compared to 4.6 million in 2020 and 35.2 million in 2019.

“While passenger travel continued to be acutely affected, cargo demand was strong throughout the year,” continued Tang.

“We carried approximately 1.3 million tonnes of cargo in 2021, which compares to around 1.3 million tonnes in 2020 and 2 million tonnes in 2019.

“Throughout 2021, we deployed all available capacity to meet the consistently high demand, achieving strong yield and high load factors and transporting a wide range of goods including daily necessities, fresh produce, electrical items and pharmaceutical products.”