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MARCH 2024

Week 11


Cathay Group records first profitable year since 2019

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March 14th 2024

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“In 2023, we finally left the COVID-19 pandemic behind us,” said Cathay Group chair, Patrick Healy, when announcing the group’s latest annual results on March 13. Read More » The group, including airlines, subsidiaries and associates, reported an attributed profit of HK$9,789 million (US$1.251 million) for the 2023 fiscal year. Cathay Pacific Airways passenger revenue increased 308.8%, to HK$55.951 million, compared with full-year 2022. Available Seat Kilometres were up 326.8% and Revenue Passenger Kilometres (RPKs) were higher by 396.8%. The oneworld airline carried 18 million passengers in 2023, 541.4% more than in fiscal 2022. Load factor was 85.7% against 73.6% in the previous year. Cathay Cargo revenue for the 12 months was lower by 17.9%, at HK$22.162 million, compared with 2022. Available Cargo Tonne Kilometres increased by 59.7%, as more belly space came on line as flight frequency expanded. HK Express, the group’s 100%-owned LCC, reported a profit of HK$433 million for the year and by December 2023 was operating more than 130% of its pre-pandemic passenger schedule. Air Hong Kong booked a HK$778 million profit for the reported 12 months. The group revised its frequency forecast to 80% of pre-pandemic passenger flights in the second quarter of this year and to 100% in the first three months of 2025.

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