Cathay Pacific: Passenger capacity may return to 70% before the epidemic by the end of the year, and ticket prices will fall
Civil Aviation Resource Network News on March 9, 2023: According to Hong Kong media reports, Cathay Pacific Group CEO Lin Shaobo said that the combined passenger capacity of Cathay Pacific and Hong Kong Express has now recovered to 50% of the level before the epidemic. At the end of the month, it will serve 70 destinations around the world, and will also operate 110 flights a week to and from 15 cities in the Mainland. It is expected that by the end of this year, the combined passenger transport capacity of the two companies will return to 70% of the pre-epidemic level, the passenger volume will return to 80% of the pre-epidemic level, and the number of service destinations will expand to more than 80. Recover to 100% of the pre-epidemic capacity. China Heliport Touchdown Light,China Airport Runway End Light,Airport Crossbar Light factory,China High B obstruction light,Final approach light suppliers.
He said at the performance press conference that it is expected that the freight capacity will return to 85% of the pre-epidemic level by the end of this year. The group will continue to invest in and promote the freight business to consolidate Hong Kong's position as the world's number one air cargo hub.
Lin Shaobo said that the turnover rate of various types of work has returned to normal levels, and there is enough manpower to support the existing operations. Last year, 2,000 new employees joined, and this year the goal is to add 3,000 more. He also said that last year still recorded a significant loss, but Cathay Pacific and its subsidiaries had a significant improvement in the second half of last year compared to the first half of the year, with only a slight loss for the whole year. They recorded a profit in the second half of last year, which is encouraging.
When responding to questions from the media, Lin Shaobo said that he hopes to make money this year, but it is too early to comment. He said he is optimistic about the performance of the company's premium travel and low-cost passenger transport business this year in light of the strong ticketing booking trend.
However, he disagreed with Cathay Pacific's conservative attitude in restoring its carrying capacity. He mentioned that Hong Kong was one of the few places where only crew members were subject to quarantine, and the number of passengers has been less than 5% for a long time. Pilots have to undergo retraining, and Hong Kong is one year later than other regions to reconnect with the international community, and the opening to the mainland is only in the first quarter of this year.
As for the ticket price, the group stated that the current ticket price is still higher than the level before the epidemic, but as the capacity gradually recovers, the price will also drop accordingly.