Cathay Pacific Airways Reports Net Profit of HK$9.789 Billion, Returning to Profit for the First Time Since 2019

Cathay Pacific Airways

Cathay Pacific Airways announced its financial results for the fiscal year ending December 2023. The company returned to profitability with a net profit of HK$9.789 billion, marking its first profit since 2019.

Revenue was HK$94.485 billion, with earnings per share at HK$140.8. Passenger revenue amounted to HK$55.91 billion. The seat occupancy rate increased by 12.1% to 85.7%. The number of flights reached 70% of the pre-pandemic level, covering approximately 80 cities. The demand-heavy Hong Kong-London/Heathrow route has resumed up to five round trips per day.

For the first time since 2019, a shareholder dividend of HK$0.43 per share will be distributed. The Hong Kong government’s preferred shares are in the process of being repurchased, with all repurchases expected to be completed by the end of July. The bridging financing facility was not utilized.

In 2023, the number of employees in the group increased by 15% from the previous year, adding approximately 3,000 employees, with 2,000 former employees who had left due to COVID-19 returning to work. Recruitment for cabin crew and pilot cadets has also started in mainland China.

This fiscal year, the company aims to operate at 80% of its pre-pandemic level by the second quarter and plans to hire 5,000 new employees to ensure high-quality and sustainable growth. The Boeing 777-300ER aircraft for long-haul routes will feature the new business class “Aria Suite.”

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