Hong Kong’s Cathay Pacific expects first annual profit in 4 years as passenger numbers soar towards pre-pandemic levels

Flag carrier will achieve a consolidated profit for the overall year, chief financial officer expects

‘The strong performance of the airline and subsidiaries in the first half has continued,’ she says

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Cathay Pacific expects to achieve consolidated profit for the overall year. Photo: Sam Tsang

Published: 4:58pm, 24 Nov 2023Updated: 10:52pm, 24 Nov 2023

Hong Kong flag carrier Cathay Pacific Airways has said it expects to report its first annual profit in four years and anticipates passenger numbers, excluding transit traffic, will reach 95 per cent of pre-pandemic levels by the end of 2023 amid robust growth in travel demand.

Chief financial officer Rebecca Sharpe on Friday told analysts that the airline expected to return to profitability for the whole year after three consecutive annual losses.

“The strong performance of the airline and subsidiaries in the first half has continued,” she said.

“With respect to the consolidated group result, we expect that the second-half profit in 2023 will surpass the result from the first half and that the group will achieve a consolidated profit for the overall year, which will be our first profitable year since 2019.”

Passenger numbers are expected to reach 95 per cent of pre-pandemic levels. Photo: Elson Li

She said that Cathay, including low-cost unit HK Express, had recorded a better performance in the second half of the year compared with the first.

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