Cathay Pacific First-Half Profit Fell, Announces Airbus Jet Order
The airline reported a net profit of 3.61 billion Hong Kong dollars, down from HK$4.27 billion a year earlier
Cathay Pacific Airways said it would buy Airbus AIR 1.95%increase; green up pointing triangle jets valued at US$11 billion as the Hong Kong flag carrier posted a drop in first-half profit on higher fuel costs and normalizing ticket prices.
The airline on Wednesday reported net profit of 3.61 billion Hong Kong dollars, equivalent to US$463.1 million, in the first six months of 2024, down from HK$4.27 billion a year earlier. It attributed the fall to the normalization of ticket prices.
Revenue for the period rose 14% to HK$49.60 billion.
Cathay Pacific’s 293 -1.25%decrease; red down pointing triangle passenger revenue in the first half rose 20% to HK$30.02 billion, with its passenger load factor falling to 82.4% from 87.2% a year earlier.
Cathay Pacific said it expects to restore passenger flights to prepandemic levels by the first quarter of 2025.
The airline said it would purchase 30 Airbus A330-900 aircraft with a basic price of about US$11.0 billion for delivery by the end of 2031. Cathay said it has the option to buy an additional 30 jets.