Employees are set to benefit as Cathay Pacific projected a return to profit for the first half of the year in a demonstration of a partial rebound from the pandemic.
The Hong Kong-based airline group projected a profit of up to HK$4.5 billion for the six months to June 30 against a loss of HK$5 billion in the first half of 2022.
This followed cumulative losses of HK$33.7 billion during three years of the Covid crisis.
The financial turn-around, due to be confirmed when interim results are issued in August, will see all staff to joined the group on or before December 31, 2022, receive a two week pay bonus while others involved in a special leave scheme during 2020 and 2022 will be eligible for an extra four weeks of pay.
The airline group also plans to introduce a new profit-sharing scheme for staff.
The company disclosed that it surpassed the 60,000 mark for passengers carried in a single day for the first time since the pandemic on June 25 as capacity and frequencies increased to cater for strong travel demand.
Chief executive Ronald Lam said: “We are very encouraged to see that our journey of rebuilding Cathay is on the right track.
“We have seen a trend of continuous improvement in the performance of our airlines and our financial position is healthy.
“These reflect the growing strength of our business and the progress we are making in rebuilding Cathay. We are very grateful to both the HKSAR Government and our shareholders for their continued support during and after the pandemic.”
He added: “The extreme circumstances Cathay faced during the pandemic were unlike anything any other carrier experienced.
“We recorded losses totalling approximately HK$33.7 billion over three years of the pandemic and the reality is that we are only part way along our journey to rebuild Cathay.
“The Covid-19 pandemic was the most challenging period in our history, but with the tremendous support from our people, customers and other stakeholders, we are moving further and further away from those difficult days with each week that passes.
“During difficult times, our people have always pulled together to support the Cathay Group. Our solidarity and incredible endurance demonstrated throughout this pandemic have been humbling.
“It has always been our culture to thank our people for the commitment and support they have shown. To this end, I am pleased to announce a special appreciation reward for those who have been with us through the pandemic of up to six weeks of eligible pay, which will be paid in the September payroll.”