Cathay's CEO wants to turn the airline back to profitability, but faces manpower constraints
Publishing timestamp: 2023-03-14 21:54:02
Summary
Cathay Pacific CEO Ronald Lam is hopeful that the airline will turn around its business and be profitable again in 2023, but returning to pre-pandemic capacity remains a challenge due to manpower constraints within the aviation industry. The airline reported an annual loss of HK$6.55 billion ($834.9 million) for the year ended December 2022, but swung to an annual operating profit of HK$3.5 billion last year. The CEO stated that the airline's capacity to operate at a profitable level depends on numerous factors, including flight capacity and yield. The airline hopes to fully meet pre-pandemic passenger flight capacity by the end of 2024, but is currently operating at about one-third of pre-pandemic passenger flight capacity due to manpower constraints.
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Keywords: cathay general bancorp, airlines, cathay pacific airways ltd, business news,