The airline reported an annual loss of 6.55 billion Hong Kong dollars ($834.4 million) for the year ending Dec. 31.
. said it was ready to rebuild as Hong Kong opened up to global visitors despite reporting wider losses in 2022.
However, Cathay saw revenue grow 12% to 51 billion Hong Kong dollars , and also posted an operating profit of 3.55 billion Hong Kong dollars for the first time since 2019, as quarantine requirements in Hong Kong were relaxed in the second half of 2022. In 2022, Cathay held about an 18% stake in state-owned Chinese carrier Air China, which said earlier this year that it expected losses of up to 39.5 billion yuan — more than double its losses in the year before.
Cathay has been slower to recover than regional rivals such as Singapore Airlines after Hong Kong aligned with mainland China’s restrictions and stance on COVID-19. The city was among the last places in the world to ease masking requirements in March, and for most of 2022 had required incoming travelers to serve a mandatory quarantine.
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