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Cathay Pacific forecasts fiscal year loss; associate companies drag down performance
November 21st 2022
Cathay Pacific chief customer and commercial officer, Ronald Lam, said the airline group is expected to post a substantial loss for calendar 2022 with gains from an improving operating environment offset by losses from associates. Read More » “Second half 2022 results for our airlines and subsidiaries are expected to be a marked improvement over our interim results, although still a loss overall for the full year,” Lam said in the group's October traffic report. “However, the results from associates, the majority of which are recognised three months in arrears, and in some cases have been announced, will include significant losses. As a consequence, a substantial loss for the group, including airlines, subsidiaries and associates, is forecast for fiscal 2022.”
Lam reaffirmed a previous Cathay Pacific and HK Express capacity forecast of 70% of pre-pandemic levels by December 2023 and a return to pre-COVID-19 air traffic numbers at the close of 2024. Cathay Pacific flew 400,909 passengers in October, up 424.5% from the same month in 2021, but 85.4% below passengers flown in October 2019. Travel sentiment “improved significantly” during the month after the Hong Kong government removed compulsory hotel quarantine for incoming travellers, the airline group said.
