Losses to the shareholders of Cathay Pacific continue as the airline published its 2022 annual financial results.
The carrier has struggled significantly with the aftershocks of the COVID-19 pandemic, as well as the disruption caused by the change in ownership of the region.
Without further ado, let’s get into the numbers…
Cathay Pacific Shareholders Lose More…
Revenue for Cathay Pacific in 2022 was logged at HK$51,036 million, which was 12% up from 2021.
However, due to the amount of expenditure within the carrier, the loss attributable to the shareholders of Cathay Pacific increased by 18.5% to HK$6,548 million from HK$5,527 million in 2021.
Passenger numbers jumped 291.1% to 2,804,000 from the 717,000 handled in 2021. Such an increase was down to lockdown restrictions being lifted in Hong Kong.
Load factor for the year increased by 42.5% to 73.6% from 31.1% in 2021, with cargo load factors falling by 10.8% to 70.6%.
Chair of the Board: Accepts There Have Been Challenging Moments…
The Chair of the Board, Patrick Healy, commented on the overall results from Cathay Pacific:
“As Hong Kong’s home airline for more than 76 years, Cathay Pacific represents Hong Kong on the world
“We are a key enabler of the city’s economic development through our ability to connect Hong Kong to
the Chinese Mainland and the rest of the world.”
“We have played our part by maintaining hub connectivity even during the most difficult times of the COVID-19 pandemic, ensuring the important flow of people and cargo continued.”
“Cathay Pacific has experienced three challenging years due to the COVID-19 pandemic, with 2022 very much being a year of two halves.”
“The emergence of the Omicron variant at the beginning of the year led to increasingly stringent travel and operational restrictions during the first few months of 2022, particularly in Hong Kong and the Chinese Mainland.”
“This significantly constrained our ability to operate both passenger and freighter flights. The challenge this posed for our business was exemplified on 12th March 2022 when we carried just 58 passengers.”
“As the COVID-19 situation in Hong Kong improved and these restrictions were progressively adjusted from 1st May onwards, we were able to add back some of our flight capacity slowly.”
“The most significant adjustments came in September when the quarantine requirements for both passengers entering Hong Kong and for Hong Kong-based aircrew were lifted.”
It remains clear that whilst there have been some vast improvements compared to 2021, Cathay Pacific still has a lot of work to do in 2023.
At this stage, it is unclear when the airline will recover from the effects of the COVID-19 pandemic, but we can expect this to take place a lot later than other airlines around the globe.
The Hong Kong shutdown badly damaged the carrier, with all eyes on them now to see how they can get the country and the airline back on the map.
For Cathay Pacific, this should be a better year than the last few.