Cathay Pacific foresees profit as travel rebounds

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1 年前

STORY: Cathay Pacific is expecting its first half-year profit in three years.

The Hong Kong airline gave the forecast Friday (June 23).

It’s feeling bullish amid a rebound in travel demand.

Cathay posted losses for the last three years, and parked much of its fleet during the global health crisis.

It suffered as travel to its home city faced strict restrictions.

The carrier did drastic cuts to headcount as a result.

Now that’s turning around amid a dramatic rebound in travel demand.

The carrier has been increasing flights to popular destinations, and is benefiting from soaring ticket prices across the industry.

Over the first five months of this year it carried about 6.3 million passengers - up from fewer than 200,000 this time a year ago.

Estimates based on data from Refinitiv Eikon suggest the firm is on track for yearly profit of about $440 million.

A year ago it lost more than twice that much.

It is also set to book a gain of over $242 million from the sale of a stake in Air China.