[cwoodward]

Cathay Pacific on Wednesday posted its 2023 year annual report this morning showing a full-year profit of HK$9.79 billion for 2023 the airlines first since 2019 citing “significant pent-up demand for travel” following the pandemic.

CEO Ronald Lam confirmed that business for the current year would continue to grow in an increasing competitive environment but would be unlikely to reach 2019 levels until the first quarter of 2025 although the carriers low cost arm Hong Kong Express had already past 2019 levels by close to 40%.

He reported that the airlines China market is continuing the good growth of 2023 with now 16 destinations be served with more to come.

He mentioned that the airline is investing heavily in renovating it current fleet and lounges and introducing new First, Business class and both Premium and Economy cabins and upgrades across its existing B777 and A330 fleets and adding flat beds to the renovated business class cabins.

Lam also confirmed that the airline still expects the first of its new B777-900 4 class fleet to arrive in 2025. Over 60 new aircraft are on order with aircraft from it large A320 commitment continuing to arrive as scheduled.

Also confirmed was that Cathay added over 3000 staff in the year and expects to hire an additional 4000 in the current year.

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