Cathay Pacific sees first annual profit in 4 years

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STORY: Cathay Pacific has posted its first annual profit in four years.

The Hong Kong airline said Wednesday that net profit hit $1.25 billion in 2023.

It benefited from a surge in demand following the end of lockdowns.

That saw revenue surge by 85%.

The carrier had been battered by a slump in demand during the pandemic.

That drove heavy losses and major layoffs.

It was forced to take a $5 billion rescue package from Hong Kong’s government.

But now the airline says it’s ready to pay ordinary shareholders its first dividend since 2019.

Shares in the firm leapt over 6% following the news, sending the stock to its highest since early 2020.

Now the airline aims to be operating four-fifths of its pre-crisis flights within the second quarter of this year.

It then wants to hit 100% early in 2025.

Cathay has restored services more slowly than close rival Singapore Airlines.

It’s been hindered by longer-lasting quarantine rules and a need to hire back laid-off staff.