HONG KONG (Reuters) – Hong Kong airline Cathay Pacific Airways (OTC:) reported a profit of HK$9.79 billion (US$1.25 billion) for 2023 on Wednesday, its first annual profit since 2019, and said it plans to expand its workforce by about 20%. or 5,000 people this year.
Cathay is embarking on a major recruitment drive as it recovers from the impact of COVID-19, which has led to heavy losses for Hong Kong’s flagship airline. In 2022, the company posted a loss of HK$6.6 billion.
The company’s shares rose 1.6% ahead of the earnings announcement, their highest level since Aug. 15.
Cathay said it aims to reach 80% of pre-pandemic passenger flights in the second quarter of this year.
The carrier has been slower to restore capacity than its closest rival, Singapore Airlines (OTC:), as it faced tighter quarantine rules for longer and had to hire more staff to resume service.
Cathay Pacific is a full-service passenger and cargo airline with two subsidiaries: low-cost carrier HK Express and cargo carrier Air Hong Kong.
($1 = 7.8243 Hong Kong dollars)