Cathay Pacific on track to end three-year streak of annual losses

Cathay Pacific is on track to end a three-year streak of annual losses, as the Hong Kong carrier emerges from years of pandemic restrictions that fuelled the exodus of hundreds of pilots and crew. The Hong Kong flagship carrier posted a HK$4.3b ($550m) profit in the first half of the year on Wednesday, up from a HK$5b loss in the same period last year. The rise came despite a decrease in cargo revenue that had supported the airline’s business during the coronavirus pandemic. “We expect to continue to see a solid performance through the rest of the year,” said Cathay chair Patrick Healy at a press conference. “We think that the current performance shows that we are well on the way on our rebuilding journey.” The results show how Cathay’s recovery is starting to pick up momentum as the carrier looks to reach the levels of regional peers including Singapore Airlines, despite Cathay still operating at about half of its pre-pandemic passenger capacity. The airline’s shares are up 7.7% over the past month while shares of Singapore Airlines, which reported its biggest quarterly net profit ever in the three months to June, have dipped by 1.4%. Analysts have upgraded Cathay’s buy recommendations. Cathay had been continuing “to build capacity as fast as we can”, Healy added. The airline said pilot turnover had returned to normal and new pilots and cabin crew recruitment would be able to support its recovery.<br/>