Cathay Pacific Reports First Annual Profit Since 2019, Announces Expansion Plans
Following a strong post-pandemic recovery, Cathay Pacific announces a significant workforce expansion and aims for full operational capacity by early 2025.
- Cathay Pacific reported a net profit of US$1.25 billion for 2023, marking its first annual profit since the onset of the COVID-19 pandemic.
- The airline plans to expand its workforce by around 20 percent, or 5,000 people, to support its recovery and growth.
- Despite a surge in travel demand, Cathay Pacific faced challenges, including a spate of flight cancellations during the holiday season due to pilot shortages.
- The company aims to operate at 100 percent of pre-pandemic passenger flight levels by early 2025, after initially targeting the end of 2024.
- Cathay Pacific's recovery has been slower than regional rivals, but it recorded its highest operating profit on record in 2023 and resumed dividend payments.
CNA 
South China Morning Post 
