Cathay Pacific returns to a net profit in first half of 2019

posted on 7th August 2019 by Justin Burns
Cathay Pacific returns to a net profit in first half of 2019

The Cathay Pacific Group returned to profit in the first half of the year as it made HK$1.34 billion for the six month after posting a HK$263 million loss last year.

Cathay Pacific and Cathay Dragon reported an attributable profit of HK$615 million in the first half of 2019, compared to an attributable loss of HK$904 million in the first half of 2018.

Revenue across operations was HK$53.5 billion, an increase of 0.9 per cent on the same six months in 2018.

The Group flew 18.2 million passengers in the period, 4.4 per cent more than the 17.4 million in the same six months last year. The load factor was unchanged at 84.2 per cent. Capacity was up 6.7 per cent to 80.8 billion available seat kilometres.

Chairman, John Slosar said: “We are in the final year of our three-year transformation programme, which is designed to make our businesses leaner, more agile and able to compete more effectively.

“Work on the programme continues and, as evidenced by our return to profitability in 2018, we are moving in the right direction. Our positive performance continued in the first half of 2019, but the operating environment for our airlines worsened as geopolitical and trade tensions intensified.”