Cathay Pacific Airways is expected to record a consolidated profit of approximately HK$4.0-4.5 billion for the first half of 2023. This compares to the attributable loss to shareholders of HK$5.0 billion for the first half of 2022.
The Cathay Group paid the deferred dividend of HK$1,524.1 million on the preference shares held by the Hong Kong SAR (HKSAR) Government on June 30, 2023, bringing its deferred dividend payments up to date. It intends to pay all future preference shares dividends as they fall due.
This is based on a preliminary review of the unaudited consolidated management accounts of the Cathay Group and other information currently available to the Board of Directors of the Company.
The Cathay Group is still in the process of finalising its first-half 2023 results, and will publish its interim results in August 2023.
Further, subject to market conditions and its business operations at the relevant time, the Cathay Group plans to buy back all the preference shares over the next 12 months.
Ronald Lam, chief executive officer said: “We are very encouraged to see that our journey of rebuilding Cathay is on the right track. We are very grateful to both the HKSAR Government and our shareholders for their continued support during and after the pandemic. The extreme circumstances Cathay faced during the pandemic were unlike anything any other carrier experienced. We recorded losses totaling approximately HK$33.7 billion over three years of the pandemic and the reality is that we are only part way along our journey to rebuild Cathay.”
In an appreciation for the employees the company has announced two weeks of eligible pay, to all those who joined Cathay Group before December 31, 2022. The company will also introduce new profit-sharing scheme applicable to the years of 2023-2025.