Cathay Pacific cargo carried up 14% in Oct

Cargo revenue tonne kilometres increased 11% year on year, capacity was up 26%

Cathay Pacific cargo carried up 14% in Oct
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Cathay Pacific carried 124,469 tonnes of cargo in October 2023, an increase of 14 percent compared with October 2022.

"The month’s cargo revenue tonne kilometres increased 11 percent year on year. The cargo load factor decreased by 8.3 percentage points to 60.7 percent while available cargo tonne kilometres increased by 26 percent year on year," says an official release.

In the first 10 months of 2023, tonnage increased by 19 percent against a 70 percent increase in capacity and a 48 percent increase in cargo revenue tonne kilometres compared with the same period for 2022.

"Air cargo demand continued to strengthen across the network in October, in particular from Hong Kong onto the transpacific trade lanes as we entered the year-end peak period," says Lavinia Lau, Chief Customer and Commercial Officer, Cathay Pacific. "Our tonnage grew about four percent month on month and around 14 percent year on year with e-commerce continuing to be a key driver ahead of year-end sales events such as Singles’ Day and Black Friday.

“We anticipate growing demand for fresh produce from our key markets of the Southwest Pacific, the Americas and Japan into Hong Kong and the Chinese Mainland as we enter the main perishables season while demand for e-commerce shipments is expected to remain strong through to the year end."

With respect to the consolidated Group result, "we expect that the second-half profit in 2023 will surpass the result from the first half and that the Group will achieve a consolidated profit for the year overall, which will be our first profitable year since 2019,” says Lau.

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