Cathay Pacific reports slight profit growth amid strong regional competition
Cathay Pacific Airways reported marginal full-year profit growth on Wednesday, but airfares fell because of intense competition as Asia's airlines continue to restore seat capacity after the pandemic. Hong Kong's flagship airline posted a 1% rise in group net profit to HK$9.89 billion ($1.27 billion) for the year ended December 31, beating SmartEstimate's HK$8.49 billion forecast, supported by stronger cargo demand, more passengers, lower fuel prices and cost efficiencies. Cathay Pacific's full-service airline, however, saw its annual yield, a proxy for airfares, fall 12%, while yields at the group's fully owned low-cost carrier HK Express fell 23% year-on-year.