Cathay Pacific Airways Ltd is ready to rebuild the airline and Hong Kong’s hub status as it emerges from the pandemic, the carrier’s chief executive said on Wednesday after it reported a 2022 loss at the low end of its forecast range.
Analysts had expected an average annual loss of HK$4.4 billion, according to Refinitiv data. They forecast a HK$3.9 billion profit for this year now that Hong Kong and mainland China have ended border restrictions.
Hong Kong's flagship carrier said at a media briefing its recruitment drive announced in October to hire 4,000 more staff over the next 18 to 24 months was on track and it had sufficient pilots and cabin crew to support demand.
Cathay said it was operating about one-third of pre-pandemic passenger flight capacity by December and ended the year operating passenger flights to 58 destinations, double the 29 destinations the airline flew to in January 2022. It would operate at about 70% of its pre-pandemic passenger flight capacity by the end of 2023, with an aim to return to pre-pandemic levels by the end of 2024. It was operating about two-thirds of pre-pandemic cargo flight capacity levels by the end of 2022.
Reporting by Anne Marie Roantree, Donny Kwok and Twinnie Siu; Editing by Jamie Freed, Stephen Coates and Muralikumar Anantharaman
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