Cathay Pacific Anticipates Profitable Turnaround After Challenging Years
Cathay Pacific Airways Ltd., one of Hong Kong's premier airlines, has projected its first annual profit since the onset of the Covid-19 pandemic. The airline anticipates that its profit in the second half of the year will outshine its first-half earnings, which were the highest since 2010. This positive financial turnaround, announced in a recent statement, marks a significant recovery for the airline, which has faced severe challenges during the pandemic.
Recovery Amid Pandemic Challenges
Cathay Pacific's rebound has been relatively slower compared to other global carriers, primarily due to prolonged pandemic restrictions in Hong Kong and mainland China, its primary markets. However, the airline has remained optimistic about its performance improving throughout the year. It now expects passenger traffic to reach 95% of pre-pandemic levels by the end of 2023, indicating a robust recovery trajectory.
Navigating Global Aviation Constraints
Despite the positive forecast, Cathay Pacific acknowledges several ongoing challenges within the global aviation sector. The airline is focused on fully restoring its flight operations in 2024, but it remains cautious of various hurdles. These include the pressing issues of recruitment and training of new staff, as well as the ongoing complexities in the global supply chain that continue to impact airlines worldwide.
