Investment Summary
Performance Rebounds Strongly in the First Half of 2023 with Second Highest Net Profit of
HK$4.3 Billion
Acoording to Cathay Pacific Airways Limited (“Cathay Pacific” or the “Company”) FY2023H
result: the Company recorded revenue of HK$43,593 million, up by 135% yoy, which
recovered to 81.4% of that in the same period of 2019 (specifically, passenger revenue and
cargo revenue recovered to 73.6% and 108% of those in the same period of 2019,
respectively). Operating costs stood at HK$36,957 million, accounting for 72.4% of that in
the first half of 2019. The attributable profit amounted to HK$4,268 million, which
significantly made good a deficit (the loss in the same period of 2022 was HK$4,999 million),
and was substantially greater than the figure of HK$1,347 million in the first half of 2019.
The corresponding basic earnings per share were approximately HK61.5 cents.
Specifically, a portion of the attributable profit came from a one-off non-cash gain of HK$1.9
billion recognized in the current period: Air China completed A-share seasoned equity
offering in January 2023, thus diluting the shareholding of Cathay Pacific in Air China (down
from 18.13% to 16.26%), which was regarded as a sale of some shares in Air China..