Cathay Pacific announces interim results for 2024

Cathay Pacific Airways Ltd announced its interim results for 2024, presenting a significant increase in passenger revenue.

Passenger revenue in the first half of this year rose by 20 percent to HK$30,017 million compared to where it was during the same period in 2023.

In the first half of 2024, Cathay Pacific’s passenger revenue increased by 20.0% to HK$30,017 million

compared with the same period in 2023. Passenger flight capacity, measured in available seat kilometres (ASKs) went up by 42.7 percent, while traffic, measured in revenue passenger kilometres (RPKs), increased by 34.9 percent. 

Cathay Pacific carried a total of 10.7 million passengers in the first half of 2024, an average of about 59,000 per day, which was 36.4 percent higher than in the first half of 2023. 

Load factor was 82.4% compared with 87.2 percent in the first half of 2023 and yield decreased by 11.0 percent to HK68.9 cents.

Cargo performance in the first half of the year

Cathay Cargo’s revenue in the first half of 2024 increased by 1.5 percent to HK$10,902 million compared with the same period in 2023. 

Cargo flight capacity, measured in available cargo tonne kilometres (AFTKs), increased by 11.4 percent. Traffic, measured in cargo revenue tonne kilometres (RFTKs), increased by 4.6 percent. 

Total tonnage increased by 10.4 percent to 719 thousand tonnes. Load factor was 59.9 percent compared with 63.8 percent in the first half of 2023, and yield decreased by 2.9 percent to HK$2.68.

Operational costs increased from operating more flights, reflecting the 42.7 percent increase in ASK compared to the first half of 2023. Non-fuel costs for the first half of 2024 increased by 11.4% to HK$27,455 million compared with the same period in 2023. Total fuel costs for Cathay Pacific (before the effect of fuel hedging) increased by HK$2,794 million (or 27.4 percent) compared with the first half of 2023.