Cathay Pacific Profit Up 1%, Plans 2025 Expansion

Cathay Pacific Airways reported a slight 1% increase in full-year net profit to HK$9.89 billion ($1.27 billion) for 2024, driven by strong travel demand, increased cargo volumes, and lower fuel prices, surpassing analyst expectations. Despite this, the airline's passenger yields fell due to intense competition, particularly affecting its low-cost carrier, HK Express, which recorded a loss attributed to price competition and technical issues with aircraft engines. The company announced a second interim dividend of HK$0.49 per share, reflecting its solid financial performance and commitment to shareholder returns. Cathay Pacific has completed its two-year rebuild journey, reaching pre-pandemic flight levels and plans to expand its network to 100 destinations in 2025. The airline also plans to enhance its fleet with over 100 new fuel-efficient aircraft to boost travel and cargo capacity. The company remains focused on strengthening Hong Kong's status as a leading international aviation hub.