In its July 2023 report, Cathay Pacific has recorded a robust recovery in passenger and cargo volumes from last year during the same period. The Cathay Group that incorporates HK Express has recorded a remarkable milestone with the transportation of over two million passengers in just one month – a record-breaking milestone since the pandemic. These are the actual highlights:
Passenger Operations:
Cathay Pacific transported a total of 1,744,374 passengers in July 2023, recording an unprecedented growth of 693.8% compared to the levels in July 2022.
Revenue Passenger Kilometres (RPKs) measure recorded a spectacular year-on-year growth of 421.6%.
Passenger Load Factor recorded a mind-blowing increase of 16 percentage points to an unbelievable 89.3%. The Available Seat Kilometres (ASKs) measure recorded a unprecedented year-on-year growth of 328.2%.
The combined number of passengers for the first seven months of 2023 rose by a remarkable 1,622%, higher than the extra rise in capacity and RPKs during the same period last year.
Cargo Operations:
In July 2023, Cathay Pacific managed to transport 115,729 tonnes of cargo, registering a rise of 14.9% compared to the cargo transported in July 2022.
The Cargo Revenue Tonne Kilometres (RFTKs) measure also saw a significant year-on-year growth of 24.6%.
At the same time, the Cargo Load Factor reduced by a modest 11.2 percentage points to 59.8%. The Available Cargo Tonne Kilometres (AFTKs) measure also recorded an amazing 47.9% year-on-year growth.
The total tonnage of cargo for the first seven months of 2023 saw a significant rise of 22.4%, once again exceeding the concurrent rise in capacity and RFTKs during the same period of 2022.
Future Outlook:
Cathay Pacific is optimistic July's robust travel demand will extend into August, especially for the midsummer holiday period.
The Cathay Group is pressing hard to rebuild capacity with a target of 70% coverage and 80 destinations by the end of the year. Its strategic goal is 100% coverage by 2024 year-end.
The airline anticipates growth in demand for cargo in the latter half of the third quarter, in keeping with the high season for air freight.
This robust performance places itself exceedingly well in conjunction with the Cathay Group's ongoing efforts at re-establishing its operations and connectivity and delivering more customer experiences. Of specific mention is the launch of the Aria Suite, an upgraded and new Business class experience. In meeting its requirement, the Group has also distributed its most recent dividend to the Hong Kong SAR Government.