Cathay Pacific Airways swung to profit in H1, revenue surged 1.35 times 

 

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Hong Kong’s flagship carrier Cathy Pacific Airways reported a profit of HK$4.268 billion in the first half of 2023, compared to a loss of HK$4.999 billion a year earlier, and revenue surged 1.35 times to HK$43.593 billion. 

The basic earnings per ordinary share were HK61.5 cents. No interim dividend was declared.

The carrier passenger flight capacity reached 50% of pre-pandemic levels in March, covering 70 destinations, it’s on track to achieve the target of 70% pre-pandemic level covering 80 destinations by the end of 2023, and it’s confident of reaching 100% by the end of 2024, Chairman Patrick Healy said.

The carrier plans to buy back 50% of the preference shares before the end of 2023 at a redemption price of over HK$9.75 billion, and the remainder by the end of July 2024, subject to completion of the proposed capital reduction and its business conditions at the relevant time, he said.