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Cathay Pacific forecasts interim 2023 profit as air traffic demand rebounds
June 26th 2023
Cathay Pacific chief customer and commercial officer, Lavinia Lau, said the airline group is on track to report a profit for the six months to June 30 as a result of an ongoing improvement in air passenger demand. Read More » Lau said: “Our cash flow continues to improve. Continuing overall from being operating cash generative in 2022, the group is operating cash generative so far in 2023.” Lau noted the 2023 interim financial report will include a HK$1.9 billion (US$243 million) one-off, non-cash gain from a deemed disposal of Cathay Pacific’s interest, from 18.13% to 16.26%, of Air China. “Taking all of the above into account, together with the offsetting impact of the results from associates, which are reported three months in arrears, we expect the group will deliver a consolidated profit for the first half of 2023,” Lau said. Cathay reported a net loss of HK$5 billion for the six months to June 30, 2022. Its last profit was in pre-pandemic interim 2019.
Separately, Cathay Pacific has announced the 17 pilot and cabin crew operating aborted flight CX880 bound for Los Angeles from Hong Kong late last week, have been stood aside as “ standard protocol” while an investigation into the incident is completed, the airline told Hong Kong’s South China Morning Post. Eleven passengers were injured during evacuation of the aircraft after its hard braking on a runway at Hong Kong International Airport.
