HONG KONG (dpa-AFX) - Cathay Pacific Airways (CPCAF.OB, CPCAY.PK) on
Wednesday registered a net profit for fiscal 2023, compared to prior year's
loss, amidst an increase in revenue.

The airline said: '2023 was our first profitable year since 2019. The year was
characterised by a notable surge in travel demand following three years of
pandemic-related restrictions. This imbalance between supply and demand resulted
in high yields and contributed to a strong financial performance in both halves
of the year.'

For the 12-month period, the company recorded a net income of HK$9.79 billion or
125.8 cents per share, compared with a restated loss of HK$6.62 billion or 112.4
cents per share a year ago.

Underlying profit stood at HK$7.66 billion as against last year's restated loss
of HK$6.62 billion.

Pre-tax income was at HK$10.86 billion, compared with a restated loss of HK$6.12
billion in 2022.

Operating profit surged to HK$15.13 billion from restated HK$3.47 billion a year
ago.

Revenue was HK$94.49 billion, up from previous year's restated HK$51.04 billion.

Available seat kilometers or ASK rose to 85.607 billion from last year's 20.056
billion.

Passenger revenue per ASK stood at 65.4 cents, lesser than 68.2 cents in 2022.

Revenue passenger kilometers surged to 73.342 billion from previous year's
14.764 billion.

Revenue passengers carried was up at 17.985 million from 2.804 million a year
ago.

Passenger load factor moved up to 85.7 percent from last year's 73.6 per cent.

For 2023, the airline will pay an interim dividend of HK$0.43 per share on May
2, to shareholders of record as of April 5.

In terms of the company's travel business, comprising Cathay Pacific and HK
Express, the Group expects to reach 80 percent of its pre-pandemic passenger
flights within the second quarter. It is also now working towards reaching 100
percent within the first quarter of 2025.

In 2024, the airline plans to expand its workforce by around 20 percent or 5,000
staff members compared with 2023.



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