Cathay Pacific reveals positive 2023 interim results
The company maintained a strong liquidity position, with liquid funds totalling HK$24,099 million ($3,117 million USD)
Cathay Pacific Airways reports a significant turnaround in its 2023 interim results compared to the previous year. The airline, which has been focused on rebuilding its operations following the reopening of borders in Hong Kong and the Chinese Mainland, experienced a remarkable increase in revenue and profit.
The financial highlights for the first half of 2023 include a surge in revenue to HK$43.6 billion (USD $5.67 billion), marking a substantial increase of 135 percent from the same period last year.
“On behalf of Cathay, I would like to thank all of our customers for their ongoing support as we work to increase and enhance the services we provide to them,” said Cathay Pacific Airways’ Chair, Patrick Healy, said in an August 9 press release. “It has been fantastic to welcome so many customers back onto our flights over the past half-year, and we look forward to continuing to see even more of them in the months and years ahead.”
Cathay Pacific reported a profit attributable to shareholders of HK$4.27 billion (USD $550 million), in stark contrast to a loss of HK$5 billion (USD $640 million) in the previous year.
Earnings per ordinary share also experienced a significant improvement, with a surge of 143.8 percent to 61.5 HK cents (US 7.92 cents).
The airline’s operational statistics displayed impressive growth. Available seat kilometres (ASK) increased by 1,111.3 percent, while passenger revenue per ASK remained steady at 67.5 HK cents (8.7 US cents). The passenger load factor surged by 28 percentage points to 87.2 percent.
Operating expenses increased by 86.6 percent to HK$36,957 million ($4,779 million USD) compared to HK$19,804 million ($2,556 million USD) in the previous year. Factors contributing to the increase include higher staff costs, inflight service and passenger expenses, landing and route expenses, fuel costs, and aircraft maintenance expenses.
The company maintained a strong liquidity position, with liquid funds totalling HK$24,099 million ($3,117 million USD) and committed undrawn facilities of HK$4,913 million ($636 million USD).
Cathay Pacific has been actively involved in sustainability efforts, including the development of the Sustainable Aviation Fuel (SAF) supply chain and the launching of initiatives such as “Greener Together” to drive sustainability.
Healy added, “While we still have more to do as we rebuild a better Cathay, we are on the right track. Our commitment to contributing to Hong Kong’s continued development remains resolute as we strive to achieve our vision of becoming one of the world’s greatest service brands.”
