HONG Kong flag carrier Cathay Pacific Airways says it expects to record a consolidated profit of approximately HKD4
HONG Kong flag carrier Cathay Pacific Airways says it expects to record a consolidated profit of approximately HKD4.0-4.5 billion (US$512m-$576m) for the first half of 2023, a change of fortune to the attributable loss to shareholders of HKD5.0 billion for the first half of 2022. The airline said in a release that it's still in the process of finalizing its first-half 2023 results and will publish its interim results in August 2023.
In addition, the Cathay Group paid the deferred dividend of HKD1,524.1 million on the preference shares held by the Hong Kong SAR (HKSAR) Government on June 30, 2023, bringing its deferred dividend payments up to date. It intends to pay all future preference shares dividends as they fall due.
Further, subject to market conditions and its business operations at the relevant time, the Cathay Group plans to buy back all the preference shares over the next 12 months, the statement said.
CEO Ronald Lam said: 'We are very encouraged to see that our journey of rebuilding Cathay is on the right track. We have seen a trend of continuous improvement in the performance of our airlines and our financial position is healthy. These reflect the growing strength of our business and the progress we are making in rebuilding Cathay. We are very grateful to both the HKSAR Government and our shareholders for their continued support during and after the pandemic.
'The extreme circumstances Cathay faced during the pandemic were unlike anything any other carrier experienced. We recorded losses totalling approximately HKD33.7 billion over three years of the pandemic and the reality is that we are only part way along our journey to rebuild Cathay.
'The COVID-19 pandemic was the most challenging period in our history, but with the tremendous support from our people, customers and other stakeholders, we are moving further and further away from those difficult days with each week that passes. During difficult times, our people have always pulled together to support the Cathay Group. Our solidarity and incredible endurance demonstrated throughout this pandemic have been humbling.
'It has always been our culture to thank our people for the commitment and support they have shown. To this end, I am pleased to announce a Special Appreciation Reward for those who have been with us through the pandemic of up to six weeks of eligible pay, which will be paid in the September payroll.'
The group said it would give two weeks' salary to all staff who who joined on or before December 31, 202. Those who also participated in a Special Leave Scheme would receive an additional four weeks of eligible pay.
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