Cathay Pacific expects profit for first half of 2023 as demand rebounds
Cathay Pacific Airways forecast a consolidated profit for the first half of 2023 on Friday, after multiple years of pandemic-related border closures and strict quarantine measures. Hong Kong's flagship carrier parked much of its fleet during the pandemic due to a lack of demand. The airline was also hit by COVID-related flight cancellations and drastic headcount reductions owing to quarantine restrictions. "The Cathay Group has seen a strong rebound in the performance of our airlines (and) our cash flow has continued to improve," the airline said in a statement, adding that the group had been operating cash generative so far in 2023. The airline carried about 6.3m passengers in the first five months of 2023, compared with a meagre figure of about 185,000 last year. For the 12 months ended Dec. 31, Cathay Pacific had reported a loss attributable to ordinary shareholders of HK$7.16b ($914.43m). It is expected to post a profit of HK$3.44b this year, based on estimates from Refinitiv Eikon.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-06-23/oneworld/cathay-pacific-expects-profit-for-first-half-of-2023-as-demand-rebounds
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Cathay Pacific expects profit for first half of 2023 as demand rebounds
Cathay Pacific Airways forecast a consolidated profit for the first half of 2023 on Friday, after multiple years of pandemic-related border closures and strict quarantine measures. Hong Kong's flagship carrier parked much of its fleet during the pandemic due to a lack of demand. The airline was also hit by COVID-related flight cancellations and drastic headcount reductions owing to quarantine restrictions. "The Cathay Group has seen a strong rebound in the performance of our airlines (and) our cash flow has continued to improve," the airline said in a statement, adding that the group had been operating cash generative so far in 2023. The airline carried about 6.3m passengers in the first five months of 2023, compared with a meagre figure of about 185,000 last year. For the 12 months ended Dec. 31, Cathay Pacific had reported a loss attributable to ordinary shareholders of HK$7.16b ($914.43m). It is expected to post a profit of HK$3.44b this year, based on estimates from Refinitiv Eikon.<br/>
