CEO Ronald Lam says the carrier is entering an exciting new phase after reporting a 2022 loss at the low end of forecasts
Hong Kong — Cathay Pacific Airways is ready to rebuild the airline and Hong Kong’s hub status as it emerges from the pandemic, the carrier’s CEO said on Wednesday after it reported a 2022 loss at the low end of forecasts.
“We were very encouraged to see a bright light at the end of the tunnel in the second half of 2022, and the positive momentum has continued into 2023,” CEO Ronald Lam said in a statement. The airline reported an annual loss of HKD6.55bn for the 12 months ended December 31, wider than the previous year’s loss, but near the bottom of its January forecast for a loss of between HK$6.4bn and HK$7bn.
Cathay had parked much of its fleet in the desert during the pandemic due to a lack of demand and its recovery has lagged behind traditional rival Singapore Airlines, which faced less strict rules last year.
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