Cathay Pacific posts $550mn first-half profit, to repay Hong Kong government

HONG KONG: Hong Kong’s Cathay Pacific Airways reported on Wednesday a profit of HK$4.3 billion ($550.23 million) for the first half of 2023, its best interim results in more than a decade and a turnaround from losses in the last three years.

The company also said it would buy back 50% of the HK$19.5 billion of preference shares held by the Hong Kong government by the end of 2023, and the remainder by the end of July 2024 subject to completion of a proposed capital reduction and business conditions at the time.

HK’s Cathay Pacific expects up to $576mn profit in first-half

Cathay issued the shares in 2020 as part of a HK$39 billion rescue package that shored up its finances after travel demand collapsed during the pandemic.