Latest news with #CathayGroup
South China Morning Post
23-05-2025
- Business
- South China Morning Post
Can Hong Kong's Cathay compete against rivals dishing out hefty bonuses?
Hong Kong flag carrier Cathay Pacific Airways may find itself in a weaker position in the race for global talent, an analyst has said, after two of the airline's major rivals dished out heftier bonuses for at least two straight years. Singapore Airlines (SIA) offered employees a profit-sharing bonus equivalent to 7.45 months' pay after reporting a record net profit of S$2.78 billion (US$2.15 billion) for 2024-25, surpassing analysts' expectations. The amount is slightly lower than the 7.94 months' bonus it dished out last year, despite a 3.9 per cent increase in SIA's net profit. Dubai-based airline Emirates' employees are also in line for a windfall after its group announced last week a record-breaking pre-tax profit of US$6.2 billion for the 2024-25 financial year, with staff set to receive a 22-week bonus payout. Emirates, the most profitable airline in the world over the reporting period, has committed big bonuses to its ever-growing workforce for three years running. It awarded a 20-week bonus to employees in 2024 and a 24-week one in 2023. By comparison, Cathay Group's net profit rose 1 per cent year on year to HK$9.9 billion (US$1.28 billion) in 2024, up from HK$9.78 billion in 2023, which was the first time it recorded a profit in four years. The company had accumulated a string of large deficits totalling HK$34 billion over three years when the Covid-19 pandemic crippled the travel industry.
The Star
25-04-2025
- Business
- The Star
Cathay Pacific to launch direct flights from Hong Kong to Urumqi
HONG KONG, April 25 (Xinhua) -- Cathay Pacific announced on Friday that it will launch a new route connecting south China's Hong Kong Special Administrative Region (HKSAR) and Urumqi, capital of northwest China's Xinjiang Uygur Autonomous Region, with flights starting on April 28. During a celebration event for the route's launch, Cathay Pacific highlighted that the direct flights from Hong Kong to Urumqi will operate on Mondays, Thursdays, Saturdays, and Sundays, using Airbus A330 aircraft. Addressing the occasion, Cathay Group CEO Ronald Lam said Xinjiang boasts stunning natural scenery and that Urumqi is a key city under the Individual Visit Scheme for Chinese mainland travelers to Hong Kong and Macao. The new route is expected to strengthen connections between Hong Kong and Urumqi, making travel more convenient. Additionally, with the upcoming launch of new destinations in Yiwu, east China's Zhejiang province, and Changzhou, east China's Jiangsu province, next month, the total number of Cathay Pacific's passenger destinations in the Chinese mainland will reach 22, said Lam. Mable Chan, secretary for Transport and Logistics of the HKSAR government, said that Xinjiang is a pivotal place under the framework of the Belt and Road Initiative and a core area of the Silk Road Economic Belt. She expressed optimism that the new route will not only enhance tourism exchanges between the two regions, but also create a new freight corridor to bring Xinjiang's rich products to Hong Kong.
South China Morning Post
17-03-2025
- Business
- South China Morning Post
Cathay emerges from financial turbulence
Not so long ago Cathay Pacific Airways was still climbing out of a dark financial cloud that enveloped it during the Covid years. This week the airline reported its second consecutive annual profit of nearly HK$10 billion, compared with a loss of HK$6 billion-plus in 2022. As a result Cathay has been able to buy back shares, warrants and bonds issued in a government-led bailout of unsustainable debt arising from the pandemic, and set about consolidating its claim to be rated one of the world's top airlines. Advertisement Net profit rose only 1 per cent to HK$9.9 billion last year as fares fell from abnormally high levels. But, amid headwinds including intense post-pandemic competition for business and geopolitical tension, this represented a robust performance driven by stronger cargo and passenger demand, lower fuel prices and higher cost efficiencies. Cargo played a leading role as e-commerce drove growth. Should rising trade frictions cloud the freight business with uncertainty, operational flexibility will be key. '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,' said Cathay Group chairman Patrick Healy. The turnaround has given the group confidence to buy 30 Airbus aircraft on top of 70 previously ordered as part of a HK$100 billion investment drive over a period of seven years, taking the total to 150, including purchase options. Maintenance of aviation hub status is expected of the government under the Basic Law. Investment of HK$141 billion in a third runway is testament to that. As the city's flag carrier, Cathay and its budget carrier Hong Kong Express have a key role to play. Advertisement Cathay can best contribute by continuing to grow its passenger and cargo business and developing underlying strength and contingency plans, in the hope of avoiding reliance on taxpayers to weather future shocks. This would show that Cathay is up to the challenge of rising expectations. Interestingly, while it has returned to pre-pandemic capacity it has still not restored all routes. As it does so it could face issues of quality of service. How it resolves them will be paramount to laying claim to be one of the world's very best airlines.
South China Morning Post
12-03-2025
- Business
- South China Morning Post
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. Advertisement 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. Advertisement 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.
Zawya
03-03-2025
- Zawya
Ahead of Eid Al Fitr, Cathay Pacific launches special fares from Dubai to select top destinations in Asia
Cathay Pacific has announced special fares to select Asian destinations, offering saving of up to AED 400 off* on flight tickets to ensure UAE travellers are in for a treat and a chance to explore stunning landscapes and vibrant cultures across the continent. Cathay Pacific's special fares can take travellers to the bustling city centres of Hong Kong, Philippines, Australia, Japan, and South Korea, to the captivating wonders of Bali, Indonesia and Ha Long Bay, Vietnam, and more. Providing the perfect reason to plan one's holidays, the offer is available across all cabin classes, from Economy, Premium Economy, and Business. This special offer is running from 24 February to 31 March, with travel periods spanning 24 March to 31 December, now is the perfect time for travellers to plan their 2025 adventures with Cathay Pacific's unparalleled service and renowned comfort in the skies. Customers on every Cathay Pacific flight are spoilt for choice by the carrier's award-winning in-flight services, which include an award-winning entertainment system and delectable meal choices catering to every palate. All meals on flights to and from the Middle East are prepared according to the Halal method, and customers can place their request via Manage Booking tab or contacting the customer care centre. Destinations Hong Kong: Experience the vibrant city life of Asia's Dragon City. Revel in its stunning skyline, indulge in delicious dim sum, and visit world-class shopping destinations. Japan: Filled with charming cities offering some of the world's best food and cultural experiences, Japan is also home to the perfect mix of modern marvels in Tokyo, traditional temples in Nagoya, and ancient castles in Osaka. South Korea: Set against a mountainous backdrop and surrounded by coastal beauty, South Korea has endless offerings. From a glimpse into K-Pop culture, unique traditional fishing encounters in Busan, Seoul's dynamic nightlife, and an overall rich gastronomic scene. Vietnam: The Southeast Asian gem is alive with history, culture, and natural wonders, with mountainside scenery in Sapa, serene beaches in Nha Trang and Phú Quốc, and the buzzing streets of both Hanoi and Ho Chi Minh City. Indonesia: Explore the landscapes and vast cultures of Indonesia, from the laid-back beaches of Bali to the modern mix of skyscrapers and stunning mosques of Jakarta, and more. In 2024, the Cathay Group achieved new post-pandemic highs for total passengers carried, with Cathay Pacific and HK Express carrying a combined total of more than 28 million passengers – a year-on-year increase of 30.7 per cent – reinstating its position as one of the top choices for air travel among global consumers. Whether it is with family, friends, or colleagues, enjoy the ultimate Eid escapade with Cathay Pacific. To book tickets or learn more about the various special offers to Asia from Dubai, visit *Terms and Conditions Apply Media Enquiries About Cathay Pacific Cathay is a premium travel lifestyle brand that brings together all that we love about travel with everyday lifestyle. The range of products and services includes flights, holidays, shopping, dining, wellness and payment. All our travel lifestyle offerings are designed to bring customers exciting offers, rewards, experiences and hand-picked partners. Flights are provided by Cathay Pacific, the home airline of Hong Kong and a founding member of the one world global alliance. The Cathay Group also comprises low-cost carrier HK Express, express all-cargo carrier Air Hong Kong and various subsidiaries. We are a member of the Swire Group and are listed on the Hong Kong Stock Exchange (HKSE) as a public company. For over 77 years, Cathay Pacific has been connecting our home city of Hong Kong to the world. Now we're bringing that connection to more of our customers' lives. The new era of Cathay elevates their every bite, tap, step, stay and flight to greater heights.
