Cathay Pacific delivers first profit since 2019
Hong Kong's flagship carrier has returned to the black for the first time since 2019. Cathay Pacific on Wednesday posted a full-year profit of HK$9.79 billion for 2023, compared with a loss of HK$6.62 billion the year before, as the airline cited "significant pent-up demand for travel" following the pandemic. Cathay chairman Patrick Healy said "2023 was our first profitable year since 2019", adding that the imbalance between supply and travel demand "resulted in high yields and contributed to a strong financial performance in both halves of the year". The carrier declared an interim dividend of HK$0.43 per share. Looking ahead, Cathay said it aims to reach 80 percent of its pre-pandemic flights within the second quarter of 2024. The airline also plans to hire 20 percent more staff, or 5,000 people, this year to cope with demand. (Agencies)