Originally Posted by Redfish NA

(from CX press release) Mr Healy explained: “Despite all these measures, the collapse in passenger revenue to only around 1% of prior year levels has meant that we have been losing cash at a rate of approximately HK$2.5 billion to HK$3 billion per month since February, and the future remains highly uncertain.

They didn't define "losing cash" here, which can be different from operating cash flow and profit defined by accounting rules. A company could "lose cash" when it just pays back debts or buys assets. Don't know how refund fits into the equation. CX has contractual liabilities to buy assets such as aircraft. They may not be able to defer all of the contracted purchases. CX also need to pay back debts as they come due. Probably now it's very difficult for airlines to replace debts with new ones.