Hong Kong's Cathay Pacific posts 1% rise in net profit to HK$9.88 billion
Hong Kong flag carrier
Cathay Pacific Airways ' net profit rose 1 per cent to HK$9.88 billion last year against 2023, as it completed a two-year rebuilding of its operations following the pandemic amid stronger cargo and passenger demand and higher cost efficiencies.
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Cathay Group chairman Patrick Healy said on Wednesday that the results were strong and driven by robust demand for travel, and revealed the company would propose its second interim dividend payment at 49 HK cents a share, taking the full year payout to 69 HK cents.
'Our focus is now firmly on the future as we continue to do our part to elevate Hong Kong's status as a world-leading international aviation hub connecting Hong Kong, the Chinese mainland and the world,' he said.
'Over the coming years, we will continue to see enhancements as part of our HK$100 billion investment. The state-of-the-art and fuel-efficient aircraft we are adding will expand and modernise our fleet.'
Healy also said the company had completed its two-year rebuild journey, reaching 100 per cent of its pre-pandemic flights from January 2025.
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He added that the group's two airlines, Cathay Pacific and budget carrier HK Express, were embarking on plans to expand their coverage to 100 destinations this year, which he described as a 'meaningful milestone' for the group.
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No doubt, Team Xi is busily strategizing on their own Abe-like dodge, minus the aggressive flattery. Xi's Communist Party, of course, does not have to contest mid-term elections 18 months from now. And Xi knows it. As such, Beijing is in no hurry to sign a 'Phase Two' trade agreement with a US leader sure to demand a 'Phase Three' round of talks a year from now. At the same time, US officials are learning that Trump's chaotic Phase One process prompted China to pivot to other markets. Today, China's top trading partner is the 10 Association of Southeast Asian Nations, followed by the European Union. Also, China is actively growing its market share among the BRICS – Brazil, Russia, India, China, South Africa – and the Global South. Xi's 'Made in China 2025' strategy has been quietly making the nation more self-sufficient. All of which means Trump's hopes of pulling off a massive, world-changing trade deal are slipping away, even after his declaration after Thursday's call that such a deal is on the horizon. And if he's wondering who's to blame, all Trump needs to do is look in the mirror. Follow William Pesek on X at @WilliamPesek
