Cathay Pacific Airways reported a 1pc increase in group net profit to HK$9.89 billion for the year ending December 31, 2024.
Intense competition resulted in a 12pc decline in airfares for Cathay Pacific’s full-service airline and a 23pc drop for HK Express.
Stronger cargo demand contributed to a revenue increase of 10.5pc reaching HK$104.37 billion, marking a milestone not exceeded since 2019.
HK Express experienced a loss of HK$400m primarily due to competitive pricing pressures and operational issues with Airbus A320neo aircraft.
Cathay is investing HK$100 billion over seven years for new aircraft, anticipating the first Boeing 777X delivery in early 2027 amidst substantial capacity expansion at Hong Kong airport.
