{"id":77742,"date":"2024-03-13T00:13:35","date_gmt":"2024-03-13T05:13:35","guid":{"rendered":"https:\/\/equitynewsreport.com\/cathay-pacific-posts-first-annual-profit-since-2019\/"},"modified":"2024-03-13T00:13:35","modified_gmt":"2024-03-13T05:13:35","slug":"cathay-pacific-posts-first-annual-profit-since-2019","status":"publish","type":"post","link":"https:\/\/equitynewsreport.com\/h\/cathay-pacific-posts-first-annual-profit-since-2019\/","title":{"rendered":"Cathay Pacific posts first annual profit since 2019"},"content":{"rendered":"<div readability=\"62\">\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<img decoding=\"async\" alt=\"Cathay Pacific posts first annual profit since 2019\" id=\"carouselImage\" src=\"https:\/\/i-invdn-com.investing.com\/trkd-images\/LYNXNPEK2C03W_L.jpg\"><br \/>\n<span class=\"text\">\u00a9 Reuters. Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS\/Lam Yik\/file photo<\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>HONG KONG (Reuters) -Hong Kong&#8217;s Cathay Pacific Airways (OTC:) reported on Wednesday a HK$9.79 billion ($1.25 billion) profit for 2023, its first annual profit since 2019, and said it plans to expand its workforce by around 20%, or 5,000 people, this year. <\/p>\n<p>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&#8217;s flagship airline. It posted a loss of HK$6.6 billion in 2022.<\/p>\n<p>Its shares were up 1.6% ahead of the earnings announcement, their highest level since Aug. 15. <\/p>\n<p>Cathay said it aims to reach 80% of its pre-pandemic passenger flights within the second quarter of this year.<\/p>\n<p>The carrier has restored capacity more slowly than its closest rival, Singapore Airlines (OTC:), because it faced tighter quarantine rules for longer, and needed to hire more staff to bring back services. <\/p>\n<p>Cathay Pacific is a full service passenger and cargo airline, with two subsidiaries: low cost carrier HK Express and cargo carrier Air Hong Kong. <\/p>\n<p>($1 = 7.8243 Hong Kong dollars)<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 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&#8217;s Cathay Pacific Airways (OTC:) reported on Wednesday a HK$9.79 billion ($1.25 billion) profit for 2023, its first annual profit since 2019, and said it plans to expand its workforce by around 20%, or 5,000 people, 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&#8217;s flagship airline. It posted a loss of HK$6.6 billion in 2022. Its shares [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":77743,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,49,50,3],"tags":[],"_links":{"self":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77742"}],"collection":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/comments?post=77742"}],"version-history":[{"count":0,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/posts\/77742\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media\/77743"}],"wp:attachment":[{"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/media?parent=77742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/categories?post=77742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/equitynewsreport.com\/h\/wp-json\/wp\/v2\/tags?post=77742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}