Despite passenger traffic boost, Cathay Pacific flags annual loss

Wednesday, 20 Nov, 2022 0

Cathay Pacific carried a total of 400,909 passengers in October, an increase of 424% compared with October 2021.

However it is still 85.4% down on pre-pandemic levels in October 2019.

The month’s revenue passenger kilometres (RPKs) increased 416% year-on-year.

Passenger load factor increased by 44% to 73.6.

In the first 10 months of 2022, the number of passengers carried was up by 166%.

CCO Ronald Lam said: “Following the lifting of quarantine requirements, travel sentiment out of Hong Kong improved significantly in October.”

Demand for the first half of October was fuelled by flights to Bangkok, Singapore and Seoul.

“We then saw a surge in demand for travel to Japan when quarantine requirements were relaxed.”

Cathay increased regional flight frequencies to destinations in Japan, and resumed services to Madrid, Milan, Bengaluru, Dubai and Kathmandu.

“Overall in October Cathay operated 21% of pre-pandemic passenger flight capacity levels.

Passenger numbers increased to nearly 13,000 per day, up from over 8,800 in September.

“We already announced an addition 3,000 passenger flight sectors from October until the end of December.”

“Travel demand for the rest of 2022 continues to improve,” Lam added.

Cathay still expects a ‘substantial’ loss overall for the full year of 2022.

Looking further ahead, it anticipates it will be operating around 70% of pre-pandemic passenger flight capacity by the end of 2023.

It hopes to return to pre-pandemic capacity by the end of 2024.

Ray Monty

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