Opinion | Cathay Pacific needs Hongkongers’ support as it finds its feet again

Good news can be hard to come by nowadays, so Cathay Pacific deserves a big pat on the back for delivering some last week by reporting its first profit in four years and its highest since 2010. Hong Kong’s flag carrier being in better health can be a sign of hope for better days to come.

Cathay’s exit from the dark clouds of the Covid-19 pandemic has not been without problems, of course, but it has succeeded. We as a city are a few steps closer to re-establishing ourselves as an international aviation hub.

Having posted years of losses, the airline recovered from a net loss of HK$6.5 billion (US$831 million) in 2022 to a net profit of HK$9.79 billion in 2023. That is no small feat.

It had help from the government in the form of a HK$27.3 billion lifeline during the worst days of grounding planes during the pandemic. But consider that the airline has paid the government dividends and repurchased half of the preference shares – worth HK$19.5 billion – issued to the government as part of its recapitalisation financing in 2020.

The airline faced strong headwinds when Hong Kong finally lifted Covid-19 travel restrictions. Considering it was a latecomer in recovering from Covid-19 while competitors had a head start, Cathay Pacific’s achievement in such a short period of time is remarkable – in spite of the missteps made along the way.

While many might not be ready to say Cathay Pacific has regained its standing as the pride of Hong Kong, it is still the city’s flag carrier. It is an integral part of making the city not only an aviation hub but also a world-class city. As the first and last face of Hong Kong new visitors will see when flying the city’s airline, we do expect it to upgrade its quality of service.