A net loss of HK$7.16 billion to ordinary shareholders reflected a deficit from Air China Ltd., which has flagged a preliminary annual loss of 39.1 billion yuan ($5.6 billion). Analysts had expected that loss for Cathay — which held a stake of about 18% in Air China last year — to be HK$4.98 billion.
Cathay Pacific Airways posted an annual operating profit for the first time since 2019, after Hong Kong opened for quarantine-free travel again following more than two years of Covid restrictions.
Operating profit in 2022 was HK$3.55 billion ($610 million; US$452 million), comfortably beating the HK$2.87 billion average estimate from analysts. Revenue grew 12% to HK$51.04 billion, Hong Kong’s main airline said in a statement Wednesday, missing analysts’ HK$52.7 billion average forecast.
