Cathay Pacific predicts return to black
Cathay Pacific on Friday predicted a return to profitability in the first half of 2023, buoyed by a strong rebound in travel demand and one-off gain from a stake sale in Air China. "The Cathay Group has seen a strong rebound in the performance of our airlines (and) our cash flow has continued to improve," the airline said in a statement, adding that the group had been operating cash-generative so far this year. "We expect that the Group will deliver a consolidated profit for the first half of 2023." Cathay carried 6.3 million passengers in the first five months of the year, compared with 190,000 in the same period last year. An estimated HK$1.9 billion one-off gain from the near 1.9 percent stake sale in Air China is also expected to benefit the bottom line in the first half, the carrier said. The forecast stood in sharp contrast to a HK$5 billion loss in the first half of 2022, when Hong Kong suffered its deadliest wave of the coronavirus pandemic. The firm posted a full-year loss of more than HK$6.5 billion.  The airline is due to report its interim earnings in August. (Agencies)