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Cathay Pacific Group to report healthy first half profit
July 17th 2023
Cathay Pacific Group has forecast its return to the black for the six months to June 30 predicting a profit ranging from HK$4 billion to HK$4.5 billion (US$512 million to US$576 million). Read More » The estimated results compare with a net loss of HK$5 billion in the same two quarters in 2022. In a regulatory filing, the Hong Kong group said the improved financial results were “in light of the removal of quarantine requirements in late September 2022 and the progressive increase in the group’s capacity since that time”. Cathay Pacific Group CEO, Ronald Lam, said he was “very encouraged” the rebuilding of the airline group was on the right track. “We have seen a trend of continuous improvement in the performance of our airlines and our financial position is healthy,” Lam said. All employees who had joined the company on or before 31 December, 2022 will receive two weeks of eligible pay. Staff who have participated in a special leave scheme or equivalent in 2020 to 2022 and have been continuously employed since then will be eligible to an additional four weeks of pay.
