Cathay Pacific cargo carried up 6% in June

Cargo revenue tonne kilometres increased over 16% year on year; Group to report profit of HK$4-4.5bn in H12023

Cathay Pacific cargo carried up 6% in June
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Cathay Pacific carried 111,210 tonnes of cargo in June, an increase of 6.4 percent compared with June 2022.

"The month’s cargo revenue tonne kilometres (RFTKs) increased 16.3 percent year on year," says an official release. "The cargo load factor decreased by 6.7 percentage points to 61.7 percent, while capacity, measured in available cargo tonne kilometres (AFTKs), increased 29 percent year on year."

In the first six months of 2023, tonnage increased 23.8 percent to 651,265 tonnes against a 117.6 percent increase in capacity and an 83% increase in cargo tonne kilometres compared with the same period for 2022.

“For cargo, the summer season is typically a slower period," says Lavinia Lau, Chief Customer and Commercial Officer, Cathay Pacific. "As expected, overall demand in June remained flat, although e-commerce remains the bright spot and has helped maintain volumes. ​

“June saw the launch of our new Cathay Cargo brand campaign, We Know How, and the unveiling of our first Boeing 747-8F freighter in our new Cathay Cargo livery. The campaign shines a light on our tailored cargo solutions and services for customers, highlighting the efficiency, expertise and reliability shown by our people in handling their shipments.

“Reflecting our continued investment in our special solutions, both Cathay Cargo and the Cathay Cargo Terminal obtained IATA Center of Excellence for Independent Validators (CEIV) Lithium Batteries certification last month. This further enhances our competence in the safe handling and carriage of lithium battery shipments by adhering to the highest industry standards."

“Although cargo demand is expected to remain flat throughout the summer period, we are already preparing for demand to pick up in the latter part of the third quarter. Additional capacity will be operated on our key transpacific routes to cater for this," adds Lau.

Group to report profit in first half
The Cathay Group is expected to report a consolidated net profit of HK$4-4.5 billion ($520-585 million) for the first half of 2023. "This compares to the attributable loss to shareholders of HK$5 billion ($650 million) for the first half of 2022."

Ronald Lam, CEO, Cathay Pacific

“We are very encouraged to see that our journey of rebuilding Cathay is on the right track," says Ronald Lam, CEO, Cathay Pacific. "We have seen a trend of continuous improvement in the performance of our airlines and our financial position is healthy. These reflect the growing strength of our business and the progress we are making in rebuilding Cathay. We are very grateful to both the HKSAR Government and our shareholders for their continued support during and after the pandemic."

All employees who joined the Cathay Group on or before December 31, 2022 will receive two weeks of eligible pay, and those who also participated in a Special Leave Scheme or equivalent during 2020 to 2022 and have been continuously employed since then will be eligible for an additional four weeks of eligible pay.

"The Cathay Group is also committed to sharing its future success with its people, and will introduce a new profit-sharing scheme applicable to the years of 2023-2025. More details will be shared with employees next month."

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