Bei Jing Shang Bao·2025-08-06 13:33Core Viewpoint - Cathay Pacific's financial performance in the first half of 2025 shows a net profit of HKD 3.7 billion, a 1.1% increase year-on-year, driven by growth in passenger capacity and volume, resilient cargo operations, and lower fuel costs, despite a decline in passenger yield due to increased global capacity [3][6]. Group 1: Financial Performance - Cathay Pacific's passenger revenue reached HKD 34.208 billion, a 14% year-on-year increase, with both passenger capacity and volume showing growth [1][3]. - The group reported a net profit of HKD 3.7 billion for the first half of 2025, reflecting a 1.1% increase compared to the previous year [3]. - The overall passenger yield decreased by 12.3%, with the Americas region experiencing the largest drop of 17.5% [6]. Group 2: Capacity and Volume - Available seat kilometers (ASK) increased by 26.3%, while revenue passenger kilometers (RPK) grew by 30% [2][4]. - The total number of passengers carried was 13.6 million, averaging 75,300 passengers per day, representing a 27.8% year-on-year increase [6]. - Load factor improved to 84.8%, up from 82.4% in the same period last year, with significant increases in North Asia, Southeast Asia, and South Asia, Middle East, and Africa regions [6]. Group 3: Subsidiary Performance - Cathay Pacific's low-cost subsidiary, Hong Kong Express, reported a loss of HKD 524 million, compared to a profit of HKD 66 million in the previous year [8][9]. - Hong Kong Express carried 3.8 million passengers, with a load factor of 78.9%, down from 85% in the previous year, and a revenue yield decline of 21.6% [8][9]. - The loss was attributed to reduced travel to traditional destinations like Japan due to earthquake rumors and the time required to cultivate new routes [9]. Group 4: Future Outlook - The management expressed optimism for maintaining stable annual performance over three consecutive years, contingent on oil prices and global trends [3][7]. - Cathay Pacific announced an additional order for 14 Boeing 777-9 aircraft, increasing the total order to 35, indicating confidence in future travel demand [7].