Cathay Pacific Group has achieved something notable. They recorded a profit of HK$4.26bn in the first half of 2023. It’s a remarkable turnaround from the loss of HK$4.99bn last year. This is their first half-year profit since 2020.
The group includes several companies. Cathay Pacific, HK Express, and AHK Air Hong Kong are among them. Associate interests in Air China and Air China Cargo are also part of the group.
Let’s look at the numbers. Cathay Pacific’s passenger revenue soared. It increased by 1,109.5% to HK$25,013m in the first half of 2023. This compares to the same period in 2022. The airline carried 7.8 million passengers. That’s an average of 43,184 per day. It’s a whopping 2,233.1% more than the first half of 2022.
Also Read: Social Media Platform X’s Bold Move: New Deal with IAS to Revive Advertising – A Success or Misstep?
HK Express also performed well. They reported a profit of HK$333 million in the first half of 2023. That’s a huge leap from a loss of HK$824 million last year. The airline benefitted from strong travel demand. Short-haul destinations in Asia were particularly popular. In April, the airline returned to pre-pandemic flight frequencies. They now have more than 420 flights per week.
The group’s overall results are impressive. Their airlines and subsidiaries posted an attributable profit of HK$4.76bn in the first half. The results from associates showed a loss of HK$2.63bn. But cargo revenue did decrease. It was down 11.6% to HK$10,741m in the first half of 2023. This reflects a weaker global market for air cargo.
But Cathay Pacific is taking steps to build on this success. They plan to buy back half of the preference shares by the end of 2023. The remainder will be bought by the end of July 2024.
Patrick Healey, the chairman of Cathay, shared his thoughts. He announced Cathay’s interim results on Wednesday. He said the results are a significant improvement. They reflect the growing strength of the business.
Cathay has big plans. Building back connectivity at the Hong Kong international aviation hub is a focus. They are on track to achieve 70% pre-pandemic passenger flight capacity levels by the end of 2023. They will cover 80 destinations. They are confident of reaching 100% by the end of 2024.
Healey was optimistic. “While we still have more to do, we are on the right track,” he said. He expressed a firm commitment to contributing to Hong Kong’s development. The goal is clear: Cathay strives to become one of the world’s greatest service brands.
In short, Cathay Pacific Group is on the rise. They have turned a loss into a profit. They have big plans for the future. They are focused on growth, expansion, and excellence.
This news is based on Marketing Interactive.
