Cathay Pacific posts first annual profit since 2019 By Reuters
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© Reuters. Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS/Lam Yik/file photo
HONG KONG (Reuters) -Hong Kong’s Cathay Pacific Airways (OTC:) reported on Wednesday a HK$9.79 billion ($1.25 billion) profit for 2023, its first annual profit since 2019, and said it plans to expand its workforce by around 20%, or 5,000 people, this year.
Cathay is embarking on a massive recruitment drive as it recovers from the impact of COVID-19 which resulted in heavy losses for Hong Kong’s flagship airline. It posted a loss of HK$6.6 billion in 2022.
Its shares were up 1.6% ahead of the earnings announcement, their highest level since Aug. 15.
Cathay said it aims to reach 80% of its pre-pandemic passenger flights within the second quarter of this year.
The carrier has restored capacity more slowly than its closest rival, Singapore Airlines (OTC:), because it faced tighter quarantine rules for longer, and needed to hire more staff to bring back services.
Cathay Pacific is a full service passenger and cargo airline, with two subsidiaries: low cost carrier HK Express and cargo carrier Air Hong Kong.
($1 = 7.8243 Hong Kong dollars)
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© Reuters. Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS/Lam Yik/file photo
HONG KONG (Reuters) -Hong Kong’s Cathay Pacific Airways (OTC:) reported on Wednesday a HK$9.79 billion ($1.25 billion) profit for 2023, its first annual profit since 2019, and said it plans to expand its workforce by around 20%, or 5,000 people, this year.
Cathay is embarking on a massive recruitment drive as it recovers from the impact of COVID-19 which resulted in heavy losses for Hong Kong’s flagship airline. It posted a loss of HK$6.6 billion in 2022.
Its shares were up 1.6% ahead of the earnings announcement, their highest level since Aug. 15.
Cathay said it aims to reach 80% of its pre-pandemic passenger flights within the second quarter of this year.
The carrier has restored capacity more slowly than its closest rival, Singapore Airlines (OTC:), because it faced tighter quarantine rules for longer, and needed to hire more staff to bring back services.
Cathay Pacific is a full service passenger and cargo airline, with two subsidiaries: low cost carrier HK Express and cargo carrier Air Hong Kong.
($1 = 7.8243 Hong Kong dollars)
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