In its latest report for July 2023, Cathay Pacific has unveiled a notable upturn in both passenger and cargo activities when compared to the corresponding period in the previous year. The Cathay Group, encompassing HK Express, has achieved a remarkable milestone by transporting over two million passengers in a single month – a feat that hasn't been accomplished since the onset of the pandemic. Here are the specific highlights:
Passenger Operations:
During July 2023, Cathay Pacific facilitated the travel of 1,744,374 passengers, showcasing a substantial surge of 693.8% in comparison to the figures from July 2022.
The metric of Revenue Passenger Kilometres (RPKs) witnessed a remarkable year-on-year increase of 421.6%.
The Passenger Load Factor experienced an impressive ascent of 16 percentage points, achieving a commendable 89.3%. Simultaneously, the metric of Available Seat Kilometres (ASKs) saw a significant uptick of 328.2% year-on-year.
The aggregate passenger count for the initial seven months of 2023 surged by an impressive 1,622%, outpacing the concurrent growth in capacity and RPKs from the same duration in 2022.
Cargo Operations:
In July 2023, Cathay Pacific effectively transported 115,729 tonnes of cargo, depicting a growth of 14.9% compared to the cargo transported in July 2022.
The metric of Cargo Revenue Tonne Kilometres (RFTKs) exhibited a substantial year-on-year rise of 24.6%.
However, the Cargo Load Factor experienced a marginal decline of 11.2 percentage points, reaching 59.8%. Meanwhile, the metric of Available Cargo Tonne Kilometres (AFTKs) demonstrated a notable increase of 47.9% year-on-year.
The cumulative cargo tonnage for the initial seven months of 2023 saw a substantial growth of 22.4%, once again surpassing the concurrent expansion in capacity and RFTKs from the same period in 2022.
Future Outlook:
Cathay Pacific anticipates that the robust travel demand observed in July will continue into August, especially during the peak summer travel season.
The Cathay Group is actively working to rebuild its capacity, with an ambitious goal of achieving coverage of 70% and serving 80 destinations by year-end. The long-term objective is to attain full coverage of 100% by the close of 2024.
The company projects an upswing in cargo demand in the latter part of the third quarter, coinciding with the traditional peak period for air cargo activities.
This optimistic performance aligns seamlessly with the Cathay Group's ongoing endeavors to reinstate its operations and connectivity, along with its commitment to enhancing customer experiences. A notable addition is the introduction of the Aria Suite, a new and improved Business class experience. In line with its financial obligations, the Group has also disbursed its latest dividend to the Hong Kong SAR Government.
