Cathay Pacific posts first annual profit in four years

© Reuters. Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS/Lam Yik/file photo

HONG KONG (Reuters) – Hong Kong’s Cathay Pacific Airways (OTC:) reported on Wednesday a HK$9.79 billion ($1.25 billion) profit for 2023, its first annual profit in four years, and said it aims to reach 80% of its pre-pandemic passenger flights within the second quarter of this year.

Cathay is embarking on a massive recruitment drive as it recovers from the impact of COVID-19 which resulted in heavy losses for Hong Kong’s flagship airline.

($1 = 7.8243 Hong Kong dollars)