Cathay Pacific to achieve first annual profit since 2019

During an analysts’ briefing, Cathay Pacific has said that it expects to post higher profits in the second half of 2023, resulting in its first annual profit since pre-pandemic. This elevated profitability will be driven by increased passenger traffic for Cathay and its subsidiaries, a solid air cargo peak season and positive profit contribution from associates including Air China (in which Cathay Pacific holds a 12.6% interest). Noting that cargo demand had been stronger than expected in the traditional peak season of the fourth quarter (Q4) 2023, especially for e-commerce shipments out of China, Cathay expects cargo load factors to