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Cathay Pacific to book US$497 million second half profit; HSBC forecast
September 23rd 2022
On September 20, HSBC Global Research predicted Cathay Pacific will deliver a HK$3.9 billion (US$497 million) profit for the second half of calendar 2022 as a result of eased quarantine rules for entry into Hong Kong and robust cargo business. Read More » The estimate was well above a consensus forecast of a HK$830 million profit for the airline group in the six months to December 31. “We believe Cathay Pacific has been turning a profit since July,” HSBC analysts said in the research note. “We remain confident it will continue to benefit from robust cargo business amidst elevated cargo yields and demand in addition to a strong recovery in passenger traffic after the easing of quarantine restrictions in Hong Kong.” Despite the positive predictions for its second half, the airline group is expected to be in the red for the full year, given its HK$5 billion interim net loss, to June 30. The Hong Kong airline recently upgraded its passenger capacity forecast to 35% of pre-COVID-19 levels by year end, from 25% previously.
