Cathay Pacific Posts First Operating Profit Since Before Covid
- Hong Kong airline’s operating profit beats analyst estimates
- Revenue misses forecasts and net loss bigger than expected
Chief Executive Officer Ronald Lam told Bloomberg News in October that a full recovery wasn’t expected until the end of 2024.
Photographer: Lam Yik/Bloomberg
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Cathay Pacific Airways Ltd. posted an annual operating profit for the first time since 2019, after Hong Kong opened for quarantine-free travel again following more than two years of Covid restrictions.
Operating profit in 2022 was HK$3.55 billion ($452 million), comfortably beating the HK$2.87 billion average estimate from analysts. Revenue grew 12% to HK$51.04 billion, Hong Kong’s main airline said in a statement Wednesday, missing analysts’ HK$52.7 billion average forecast.