HONG KONG- Cathay Pacific Airways (CX), the flag carrier of Hong Kong (HKG), reported a net profit of HK$9.78 billion (US$1.3 billion) for the last year, a notable turnaround from the net loss of HK$6.62 billion in 2022.
This marks a robust recovery post-pandemic and concludes three consecutive years of significant losses.
Cathay Pacific Reports Profit After Pandemic
Group chairman Patrick Healy announced on Wednesday that the airline anticipates a return to 80% of its pre-pandemic flight capacity in the second quarter of this year, following the achievement of 70% at the end of the previous year. This increased capacity has reconnected the city to 80 destinations.
“In 2023, we finally left the Covid-19 pandemic behind us.”
Cathay Group chairman Patrick Healy
The airline had previously outlined its goal of achieving full pre-COVID capacity by the conclusion of this year.
Cathay Pacific’s premium services and the budget airline HK Express (UO) experienced a positive turnaround, attributed to a significant increase in travel demand, as revealed by the group.
This recovery allowed the company to reinstate its dividend payout for the first time since 2019, with directors recommending a final dividend of 43 HK cents.
Group chairman Patrick Healy emphasized that the primary focus for this year is to ensure sustainable growth and prepare for the full operation of the third runway at Hong Kong International Airport by the end of the year.
The results for the previous year included a one-off gain of HK$1.9 billion due to the dilution of its stake in Air China (AC), reducing from 18.13% to 16.26%.
Record Growth and Traffic
The Cathay group experienced a substantial 85.1% year-on-year increase in revenue, reaching HK$94.48 billion in 2023, primarily propelled by its cargo services.
Group chairman Patrick Healy acknowledged, “The imbalance between supply and demand resulted in high yields and contributed to a strong financial performance in both halves of the year,” noting that this discrepancy is expected to diminish in the current year as capacity is restored.
In 2023, the group delivered 19.6% more cargo, totaling 1.38 million tonnes, compared to the previous year.
The group’s airlines witnessed a significant surge in passenger numbers, carrying 17.98 million passengers in 2023, a remarkable 541.4% increase from the 2.8 million recorded in 2022.
First Look: Cathay New Aria Suite
Discover the Cathay Pacific Boeing 777-300ER: a fleet designed with the passenger’s needs in mind.
From the serene luxury of the new Business class experience, the Aria Suite, to the heightened privacy of the upgraded Premium Economy, every element of these cabins reflects thorough consideration to ensure maximum comfort.
Every material has been carefully chosen to evoke a sense of tranquility, and each feature has been designed with user-friendliness in mind. Meticulous attention has been given to every detail, no matter how small, and passengers will notice the difference throughout their journey.
This reflects Cathay Pacific’s commitment to providing the finest premium long-haul experience in the skies. Explore the new Boeing 777-300ER cabins, set to take flight this year. Read More here.
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