HONG KONG (AFP) – Hong Kong carrier Cathay Pacific yesterday reported its first annual net profit in four years, citing a surge in demand as it emerges from the impact of the financial hub’s COVID isolation.
Hong Kong’s aviation sector has struggled to fully recover from the impact of pandemic-era policies, which imposed strict rules on travellers and kept the city internationally isolated before they began to be lifted in late 2022.
“In 2023, we finally left the COVID-19 pandemic behind us,” Cathay chair Patrick Healy said, adding that it was “our first profitable year since 2019”.
“The year was characterised by a notable surge in travel demand following three years of pandemic-related restrictions.”
And Chief Executive Officer Ronald Lam said in the statement: “To our stakeholders, thank you for standing by us and motivating us to be the company of choice. We are ready to unleash the potential and innovation of our next exciting phase of development – Cathay is back!”
