HONG KONG, 19 March 2024: In its annual results 2023, Cathay Pacific confirmed its first profit since COVID-19 last week and confirmed its travel business, comprising Cathay Pacific and HK Express, will reach 80% of pre-pandemic passenger flights within Q2 2024.
“We are committed to continuing our rebuild journey in 2024, said airline group CEO Ronald Lam in his statement regarding future outlook. “We are now working towards reaching 100% within the first quarter of 2025… (but) acknowledge this would be up to three months later than our previous projections.”
He pointed to the strategic investment in products, services and people that will continue in 2024 with the introduction of new cabin products in each of the coming three years.
“In 2024, we are launching an all-new business class experience — Aria Suite and a premium economy product as part of redesigning our long-haul Boeing 777-300ER cabins.
“In 2025, this will be followed by a new world-leading first-class experience onboard our Boeing 777-9 aircraft. And in 2026, a new regional product on the Airbus A330 fleet will be introduced featuring flat beds in business class.”
Regarding the cargo business, Lam anticipates continued strong demand from e-commerce in the airline’s home market of Hong Kong and the wider Greater Bay Area. However, he cautioned that trade flow directional imbalances would persist, impacting overall load factors.
“Moreover, as the air cargo industry continues to normalise, yields will decrease in 2024 but are expected to remain above 2019 levels.”
In 2024, the airline will expand its workforce by around 20% or 5,000 people compared with 2023.
