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© Reuters. FILE PHOTO: Cathay Pacific aircrafts prepare to take off at the airport, during the coronavirus disease (COVID-19) pandemic in Hong Kong, China, March 31, 2022. REUTERS/Tyrone Siu
(Reuters) -Cathay Pacific Airways forecast a consolidated profit for the first half of 2023 on Friday, after multiple years of pandemic-related border closures and strict quarantine measures.
Hong Kong’s flagship carrier parked much of its fleet during the pandemic due to a lack of demand. The airline was also hit by COVID-related flight cancellations and drastic headcount reductions owing to quarantine restrictions.
“The Cathay Group has seen a strong rebound in the performance of our airlines (and) our cash flow has continued to improve,” the airline said in a statement, adding that the group had been operating cash generative so far in 2023.
The airline carried about 6.3 million passengers in the first five months of 2023, compared with a meagre figure of about 185,000 last year.
For the 12 months ended Dec. 31, Cathay Pacific had reported a loss attributable to ordinary shareholders of HK$7.16 billion ($914.43 million).
It is expected to post a profit of HK$3.44 billion this year, based on estimates from Refinitiv Eikon.
($1 = 7.8300 Hong Kong dollars)
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