Cathay CEO Outlines Rebuild With Profit in Sight This Year
Bloomberg
Excerpt
March 15, 2023
After being hit during the pandemic harder than pretty much any airline still flying, Cathay Pacific Airways Ltd. has a very good chance of posting a net profit this year and returning to full capacity in 2024, according to Chief Executive Officer Ronald Lam.
Covid-related disruption had such an impact on Hong Kong air travel that on one day in March last year, Cathay flew just 58 passengers. The situation has improved since mandatory quarantine was dropped in September, with Cathay’s average daily passenger numbers topping 33,000 in January. But there’s more to do before Lam can restore its standing as one of the world’s premier airlines.
“It’s going to be a little bit of a tunnel to still go through,” Lam told Bloomberg Television in one of his first interviews with international media since becoming CEO of the 76-year-old airline on Jan. 1.
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