Hong Kong's Cathay Pacific Airways posted Wednesday an annual loss of HK$5.5b ($703.45m), narrowing from the prior year's HK$21.65b, thanks to cost-cutting efforts and strong air cargo demand. In January, the airline forecast a 2021 annual loss of HK$5.6b to HK$6.1b after reporting positive cashflow generation in the second half. <br/>
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A United States marine robotics company has kickstarted a search for the missing MH370 aircraft, announced on the eighth anniversary of one of aviation’s biggest mysteries. The company, Ocean Infinity, concluded its first search in 2018 without any success, but is set to begin the investigation again by the first half of 2023, after investing in more advanced technology. Malaysian Airlines flight 370 – a Boeing 777 – was on its way to Beijing from Kuala Lumpur when it strangely disappeared with 227 passengers and 12 crew on board, and it is still yet to be found. Six Australians were among the victims. Following a search of 120,000 square kilometres in the Indian Ocean conducted by the Australian, Chinese and Malaysian governments that ended in January 2017, new information has been limited. Speaking on the eighth anniversary of the disappearance on Tuesday, CEO of Ocean Infinity Oliver Plunkett said the company is “ready to go back and carry on” with the search, four years since its first attempt. “There’s a lot of work for us to do,” Plunkett said at the event. “To get the ships ready, for the guys to carry on doing the planning, to talk to the government, to get ourselves organised.” Reportedly, the company was planning to resume the search in 2020, but the pandemic made the operation not feasible.<br/>
Virgin Australia has pipped rival Qantas to claim the highest share in the Australian domestic travel market in January, as interstate border restrictions ease and airlines ramp up flying. Data from the Australian Competition and Consumer Commission (ACCC) shows that Virgin Australia carried 34% of all domestic passengers in January. This compares to Qantas’ 31%, as well as the 31% market share claimed by Qantas low-cost unit Jetstar. The ACCC notes that Virgin Australia also grew its market share from 33% in October 2021, as well as 22% in November 2020 when it had just emerged from business restructuring. Meanwhile, Jetstar recorded the most significant growth in market share, from 17% in October 2021 to 31% in January. The ACCC attributes this to border reopening, as well as “strong leisure demand” during the year-end summer travel period in Australia. Consequently, that meant mainline Qantas’ share dwindled significantly — from 46% in October 2021 to 31% in January. Taken together, the Qantas Group still holds the lion’s share of the Australian domestic market at 62%, similar to pre-pandemic January 2019. Against December 2021, however, it represented a slight dip in market share. As for Regional Express, the competition watchdog notes that its 4% market share has held steady since October. <br/>