Previous Close | 7.220 |
Open | 7.220 |
Bid | 7.290 x 0 |
Ask | 7.300 x 0 |
Day's Range | 7.200 - 7.320 |
52 Week Range | 7.050 - 9.200 |
Volume | |
Avg. Volume | 5,668,406 |
Market Cap | 46.927B |
Beta (5Y Monthly) | 0.84 |
PE Ratio (TTM) | N/A |
EPS (TTM) | -1.100 |
Earnings Date | Aug 09, 2023 |
Forward Dividend & Yield | N/A (N/A) |
Ex-Dividend Date | Sept 04, 2019 |
1y Target Est | 9.17 |
Cathay Pacific Airways Ltd is close to placing an order worth around $2 billion for Boeing 777-8F freighters as the Hong Kong carrier embarks on the partial renewal of a fleet of dedicated 747 cargo jets, industry sources said on Monday. The selection follows a hard-fought battle for the business of one of the world's top-five freight airlines, which had been comparing the all-freight version of the future Boeing 777X jet family with an upcoming cargo model of the existing Airbus A350. Cathay Pacific said it had no immediate announcement to make.
HONG KONG (Reuters) -Cathay Pacific Airways Ltd is ready to rebuild the airline and Hong Kong’s hub status as it emerges from the pandemic, the carrier’s chief executive said on Wednesday after it reported a 2022 loss at the low end of its forecast range. Cathay shares rose as much as 1.4% to HK$7.95 after the results were released, reversing the morning's declines as investors bet on a turnaround following heavy losses during the pandemic. "After three brutal years of the COVID-19 pandemic, we have finally entered into a new exciting phase, in which we will rebuild Cathay Pacific for Hong Kong."
Cathay's downbeat outlook follows a forecast by the company in November of a "substantial" annual loss, even though the carrier said at that time its second-half results were expected to improve sequentially. Air China Ltd reported disappointing metrics during the month of December, as many Chinese airlines struggled with capacity constraints. However, following the easing of pandemic-related travel restrictions, Cathay Chief Executive Ronald Lam on Friday noted a trend of continuous improvement in operations and financial performance for the airline and its subsidiaries in the second half of 2022.
Airlines have boosted January international seat capacity to and from China by 9.5% over the last week as they ramp up flights after its border opening, according to aviation data provider Cirium, though flights remain at a fraction of pre-pandemic levels. Hong Kong's Cathay Pacific Airways Ltd added more than 52,000 seats as its border with the mainland opened, putting it ahead of China's Xiamen Airlines, Juneyao Airlines Co Ltd and others in the 160,000 round-trip seat additions, schedules data from Cirium analysed by Reuters showed. Chinese airlines are expected to be the early winners of the country's international reopening, analysts said, having kept most widebody planes and staff ready while foreign carriers struggle with capacity constraints after previous border openings.
Hong Kong has asked Japan to withdraw a COVID-19 restriction that allows passenger flights from the financial hub to land only at four designated airports, saying the decision would affect about 60,000 passengers. India, Italy, Taiwan and the United States require mandatory COVID-19 tests on travellers from China after Beijing's decision last month to lift stringent zero-COVID policies that fuelled a surge in infections across mainland China. Hong Kong, home to more than 7 million people, is recording around 20,000 coronavirus cases a day but lifted its COVID curbs on Thursday for the first time in three years.
Hong Kong's Cathay Pacific Airways Ltd said on Tuesday the group is on track to achieve target of operating up to one-third of pre-pandemic passenger flight capacity levels by end of this year and aims to return to pre-pandemic levels by the end of 2024. The airline remains fully committed to rebuilding the connectivity of the Hong Kong international aviation hub, it said in a statement which came after Hong Kong dropped curbs on incoming travellers.
Hong Kong's Cathay Pacific Airways Ltd is in talks with aircraft manufacturers about orders for medium-haul aircraft and dedicated freighters, a senior executive said on Friday. "Overall we have enough long-haul aircraft to fulfil Cathay Pacific's growth plan," Chief Customer and Customer Officer Ronald Lam said during an analyst briefing, citing existing orders for Airbus SE A350 and Boeing Co 777X planes. Lam said the focus would be on acquiring more medium-haul jets to operate in the Asia-Pacific region as well as dedicated freighters, though he did not provide the numbers or types being considered.
"Overall we have enough long-haul aircraft to fulfil Cathay Pacific's growth plan," Chief Customer and Customer Officer Ronald Lam said during an analyst briefing, citing existing orders for Airbus SE A350 and Boeing Co 777X planes. Lam said the focus would be on acquiring more medium-haul jets to operate in the Asia-Pacific region as well as dedicated freighters, though he did not provide the numbers or types being considered.
Cathay Pacific Airways Ltd will increase base pay by an average of 3.3% in 2023 and offer bonuses worth the equivalent of one month's salary to Hong Kong-based staff meeting performance targets, its CEO said in a memo on Monday. "We have moved from 'survival' to 'recovery' and I am so grateful for the collective efforts of all of you as we work together to regrow Cathay," outgoing CEO Augustus Tang said in a message to staff seen by Reuters. At Cathay, pilot attrition has been higher than normal after more than two years of onerous quarantine norms, combined with permanent pay cuts of as much as 58% made in 2020.
Cathay reported a first-half loss of HK$5 billion ($639.11 million) and analysts expect it to record an annual net loss of HK$3.8 billion, according to Refinitiv IBES estimates. Still, the company said it was on track to achieve its target of operating at up to one-third of pre-pandemic passenger flight capacity levels by the end of 2022. "Travel demand for the rest of 2022 continues to improve and is promising for the Christmas holiday period," Chief Customer and Commercial Officer Ronald Lam said.
The airline said it aimed to make a return to full pre-pandemic passenger flight capacity by the end of 2024. Cathay last week announced long-serving executive Ronald Lam would take over as chief executive on Jan. 1 as it scrambles to return aircraft from storage and add 4,000 staff over the next 18 to 24 months to meet rising travel demand after Hong Kong lifted quarantine rules. Rival Singapore Airlines Ltd has made a much quicker recovery, with passenger capacity set to reach 81% of pre-pandemic levels by the end of this year.
(Reuters) -Long-serving executive Ronald Lam will take over as chief executive of Hong Kong's Cathay Pacific Airways Ltd from Jan. 1, the airline said on Wednesday, as it scrambles to rebuild capacity after the coronavirus pandemic. Now that the Asian financial hub has scrapped onerous hotel quarantine rules, the airline is looking to build up passenger numbers. Lam will lead Cathay through its recovery from the COVID-19 pandemic, and the launch of a third runway in Hong Kong, as well as overseeing a dual-brand strategy with low-cost carrier HK Express, Chairman Patrick Healy said in a statement.
Lam, who has been Cathay Pacific's chief customer and commercial officer since 2019, will replace current CEO Augustus Tang, the report said, citing people familiar with the matter. Cathay's two biggest shareholders, Swire Pacific Ltd and Air China, have expressed their support for the move.
(Reuters) -Hong Kong's Cathay Pacific Airways Ltd will resume using Russian airspace on some flights, the Hong Kong-based airline said on Sunday, restarting flights it had stopped after Moscow invaded Ukraine in February. Cathay Pacific will begin flying from New York to Hong Kong using the popular "Polar route" from Tuesday, the company told Reuters in an emailed statement. Citing strong headwinds and payload issues affecting its flights from the East Coast of North America to Hong Kong, Cathay Pacific said it will overfly the far eastern part of Russia.
Cathay Pacific Airways Ltd faces unprecedented staffing and training shortages that will keep airfares high and impede Hong Kong's return to its role of global aviation hub, a pilots' union said on Thursday. A record number of resignations among the company's most experienced pilots leaves the airline unprepared to fully resume operations and failing to meet resurgent demand, the Hong Kong Aircrew Officers Association (HKAOA) said. "Cathay Pacific ... is currently facing unprecedented staffing and training shortages," it said in a statement that forecast a rise in airfares amid a situation of low supply and strong demand.
(Reuters) -Cathay Pacific Airways Ltd faces unprecedented staffing and training shortages that will keep airfares high and impede Hong Kong's return to its role of global aviation hub, a pilots' union said on Thursday. A record number of resignations among the company's most experienced pilots leaves the airline unprepared to fully resume operations and failing to meet resurgent demand, the Hong Kong Aircrew Officers Association (HKAOA) said. "Cathay Pacific ... is currently facing unprecedented staffing and training shortages," it said in a statement that forecast a rise in airfares amid a situation of low supply and strong demand.
Cathay Pacific Airways Ltd is facing "unprecedented" staffing and training shortages that will keep airfares high and threaten Hong Kong's restoration as a global aviation hub, the union representing its pilots said on Thursday. "Cathay Pacific, which built its global recognition on the pillars of outstanding safety, quality and service, is currently facing unprecedented staffing and training shortages," the Hong Kong Aircrew Officers Association (HKAOA) said in a statement.
The airline said several factors contributed to the decision, including the closure of Russian airspace that made flight times between one to two hours longer.
The airline, in its newsletter on Friday, forecast cargo demand to pick up as lifting of COVID-19 curbs in China could mean higher shipping volumes, especially during the year-end holidays — usually a frantic period for air cargo and shippers. Earlier this month, FedEx withdrew its forecast based on an acceleration in global demand slowdown.
Hong Kong last week announced it would end onerous rules that required crew members on passenger flights to quarantine in a hotel for three days on return to the city. In August the airline's passenger capacity was only 16% of the same month in 2019 before the pandemic, meaning it expects that to double by the end of the year. "While we will continue to add back more flights as quickly as is feasible to strengthen the network connectivity of the Hong Kong aviation hub, this will still take time as we build operational readiness and undertake a substantial amount of training and aircraft reactivation," Chief Customer and Commercial Officer Ronald Lam said in a statement.
The onerous crew quarantine rules had made rostering difficult and were a major impediment to the airline returning to more normal operations. Cathay's passenger capacity was at just 12.4% of pre-pandemic levels in the month of July, although its cargo capacity was at 51% in part because cargo crews were no longer required to quarantine. Before the passenger crew rules were lifted, Cathay forecast it would reach 25% of pre-pandemic capacity by the end of the year.
"We expect that this year's peak season may not be the same as last year's," Cathay freight executives said in an email update to air cargo clients. The fourth quarter is typically the peak season for air cargo because of consumer electronics product launches and the busy Christmas holiday period. Many air freight carriers reported record revenue in the peak season last year.
By Ambar Warrick
Half Year 2022 Cathay Pacific Airways Ltd Earnings Presentation
HONG KONG (Reuters) -Cathay Pacific Airways Ltd said Hong Kong's strict COVID rules for air crew were crimping the airline's ability to exploit rising demand for travel, even as its first-half loss narrowed to HK$5 billion ($636.98 million). The carrier is falling behind traditional rival Singapore Airlines Ltd (SIA) in restoring international capacity as roster preparations are complicated by a quarantine requirement for Hong Kong-based crew of passenger planes to spend three nights in hotels on their return from each trip.