Hong Kong’s Cathay Pacific Group, which owns the city’s flagship carrier Cathay Pacific, low-cost carrier Hong Kong Express and cargo airline Air Hong Kong, has recorded a profit of HK$3.61 billion for the first half of 2024, a 15 per cent drop compared to the same period last year. Speaking during a press conference to announce the group’s interim report on Wednesday, Patrick Healy, chair of the group, said the fall in profit was “principally attributable to the normalisation of ticket prices.
” In the first half of 2024, Cathay Pacific carried a total of 10.7 million passengers, with passenger revenue increasing by 20 per cent compared to the first half of 2023, a period during which Covid-19 related travel restrictions were lifted. Cathay’s airfares dropped 11 per cent in the first six months of the year compared to the same period of 2023.
However, ticket prices remained 25 per cent higher when compared with January to June in 2019. As operating expenses significantly increased, the airline’s first-half year profit after taxation and before exceptional items saw a 15.5 per cent decrease compared to 2023.
Budget airline Hong Kong Express reported a loss of HK$73 million for the first half of 2024. Healy said the airline had been affected by falling airfares and an “increase of regional capacity in the market.” Besides, the airline’s Airbus A320neo aircraft had to be grounded due to engine issues.
“To improve its financial performance, the airline is ex.