Cathay Pacific reports first half profit of HK$4.3bn
Cathay Pacific on Wednesday reported a net profit of HK$4.3 billion for the first half of the year, marking a strong recovery from the HK$5 billion loss in the same period last year. The group, which also includes HK Express, carried 7.8 million passengers in the first six months of 2023, bringing in HK$27.56 billion. But cargo revenue dropped nearly 10 percent year-on-year to HK$12.4 billion, due to weaker global demand. Cathay said it will not pay an interim dividend, but plans to buy back half of the preference shares owned by the government before the end of this year, for HK$9.75 billion.  The carrier is expected to buy back the remaining shares by the end of July next year. Chairman Patrick Healy said the group is on the right track for a return to pre-pandemic business levels. "We are now close to 60 percent of pre-pandemic passenger flight capacity levels," Healy said, adding that the company is confident of a full recovery by the end of 2024. The group also announced it plans to purchase up to 32 planes to add to its fleets. CEO Ronald Lam said the group still faces challenges such as a shortage of manpower and supply chain issues. "These won't go away shortly, but we believe as we go into 2024, things are going to improve and normalise," he said.