Cathay Pacific 'rebuilding' after third straight annual loss
Hong Kong's Cathay Pacific Group said it was "rebuilding" after announcing a third consecutive full-year loss as the city reopens after harsh travel restrictions were scrapped. The airline group extended its net loss to 6.5b Hong Kong dollars ($834.4m) for 2022 -- more than the HK$5.52b loss over the same period the previous year. But the company reported a marked improvement in the second half of the year, with the city's flagship airline Cathay Pacific recording a positive cash flow of HK$2.96 billion as travel demand resumed. "On the premium travel and low cost side, we [are] still really optimistic about the outlook in terms of travel demand from Hong Kong and the Greater Bay Area as well as people transiting via Hong Kong," said Cathay Pacific CEO Ronald Lam, referring to a cluster of 11 cities that comprise a megalopolis in southern China. Full-year revenue for 2022 rose 11% to HK$51b compared with HK$45.5b in 2021. Cathay anticipates flight capacity to hit 70% of its pre-pandemic capacity this year and return to pre-COVID levels by the end of 2024. It is flying at half its pre-pandemic capacity this month. The company's passenger revenue grew to HK$13b, a 214.9% increase compared with 2021. Cargo revenue dropped by 16.6% to HK$26.9b compared with the same period last year as cargo capacity was reduced. Losses for Cathay's low-cost carrier Hong Kong Express dropped 31% last year to HK$1.36b. Cathay said it had "moved into a new phase" with a focus on growing travel connections in the Greater Bay Area, adding it aimed to provide a wide range of intermodal transportation for visitors traveling between the mainland into Hong Kong's airport. Lam welcomed the reopening of mainland China's borders but did not answer questions about how much it would contribute to its business. He said a total of 110 weekly flights between Hong Kong and 12 mainland Chinese cities will be in place by the end of March. The Hong Kong airline has scrambled to hire back employees as demand rapidly rose after travel restrictions were loosened earlier this year and a campaign to bring back tourists.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-03-09/oneworld/cathay-pacific-rebuilding-after-third-straight-annual-loss
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Cathay Pacific 'rebuilding' after third straight annual loss
Hong Kong's Cathay Pacific Group said it was "rebuilding" after announcing a third consecutive full-year loss as the city reopens after harsh travel restrictions were scrapped. The airline group extended its net loss to 6.5b Hong Kong dollars ($834.4m) for 2022 -- more than the HK$5.52b loss over the same period the previous year. But the company reported a marked improvement in the second half of the year, with the city's flagship airline Cathay Pacific recording a positive cash flow of HK$2.96 billion as travel demand resumed. "On the premium travel and low cost side, we [are] still really optimistic about the outlook in terms of travel demand from Hong Kong and the Greater Bay Area as well as people transiting via Hong Kong," said Cathay Pacific CEO Ronald Lam, referring to a cluster of 11 cities that comprise a megalopolis in southern China. Full-year revenue for 2022 rose 11% to HK$51b compared with HK$45.5b in 2021. Cathay anticipates flight capacity to hit 70% of its pre-pandemic capacity this year and return to pre-COVID levels by the end of 2024. It is flying at half its pre-pandemic capacity this month. The company's passenger revenue grew to HK$13b, a 214.9% increase compared with 2021. Cargo revenue dropped by 16.6% to HK$26.9b compared with the same period last year as cargo capacity was reduced. Losses for Cathay's low-cost carrier Hong Kong Express dropped 31% last year to HK$1.36b. Cathay said it had "moved into a new phase" with a focus on growing travel connections in the Greater Bay Area, adding it aimed to provide a wide range of intermodal transportation for visitors traveling between the mainland into Hong Kong's airport. Lam welcomed the reopening of mainland China's borders but did not answer questions about how much it would contribute to its business. He said a total of 110 weekly flights between Hong Kong and 12 mainland Chinese cities will be in place by the end of March. The Hong Kong airline has scrambled to hire back employees as demand rapidly rose after travel restrictions were loosened earlier this year and a campaign to bring back tourists.<br/>
