The owner of Cathay Pacific returned to the black in the first half of the year with the full reopening of borders in Hong Kong and in the Chinese mainland after the pandemic.
Efforts to rebuild connectivity at the Hong Kong international aviation hub saw Cathay Group reach 50% of pre-pandemic passenger flight capacity levels covering 70 destinations in March, with capacity increasing since then.
Frequencies on a number of our Europe routes have been progressively raised, with five flights a day returning to Heathrow in April and nine destinations in Europe being served by June 30.
The group is on track to achieve a target of 70% pre-pandemic passenger flight capacity levels from Hong Kong, covering 80 destinations, by the end of 2023.
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Chair Patrick Healy said the company was “confident” of reaching 100% by the end of 2024 as he revealed a profit of HK$4.3 billion in six months to June 30 against a loss of almost HK$5 billion in the first half of 2022. The profit included a one-off non-cash gain of HK$1.9 billion from the dilution of its interest in Air China.
Cathay Pacific’s passenger revenue increased by 1,109.5% to HK$25 billion compared with the same period in 2022.
The group aims to evolve Cathay into a premium travel lifestyle brand covering flights, holidays, shopping, dining, wellness and payment, with Cathay Pacific remaining the airline brand.
“Cathay is our new master brand, which represents much more than airline travel. It represents our evolution into a premium travel lifestyle brand, consisting of a host of complementary categories,” according to the company.
Healy said: “While we are still only part way along our rebuilding journey, our results for the first six months of 2023 demonstrate that we are on the right track.
“Building back connectivity at the Hong Kong international aviation hub remains our primary focus. While we are pleased to be back in the top 10 of the world’s best airlines in renowned industry rankings, we recognise there have been challenges across the aviation industry that have hindered our ability to deliver the highest service levels that our customers expect.
“We remain committed to investing in Cathay to provide a better experience for our customers, and we look forward to introducing more new cabin products in the near future.”
He added: “Our confidence in the long-term future of the Hong Kong international aviation hub with Cathay at its centre remains resolute.
“The three-runway system becoming fully operational at Hong Kong International airport by the end of 2024 and the huge potential of the GBA [Guangdong–Hong Kong–Macao Greater Bay Area] as our extended home market give us great optimism for the future.
“We will also continue to support promotional campaigns and mega events that put Hong Kong on the world stage and attract visitors to discover our home city.”