Cathay Pacific reports significant growth in passenger and cargo traffic for November

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Cathay Pacific reports significant growth in passenger and cargo traffic for November

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Lavinia Lau Chief Customer and Commercial Officer | Cathay Pacific

By Sky Industry News

Dec 20, 2024

Cathay Pacific has released its traffic figures for November 2024, revealing continued growth in both passenger and cargo sectors. The airline reported carrying 2,010,506 passengers in November, marking a 23.1% increase compared to the same month last year. Revenue passenger kilometers (RPKs) rose by 25.8%, with the passenger load factor increasing by three percentage points to 83.5%. Available seat kilometers (ASKs) also saw a rise of 21.3%.

For the first eleven months of the year, Cathay Pacific carried a total of 20,578,324 passengers, an increase of 27% from the previous year. This was accompanied by a 31.5% increase in ASKs and a 26.7% rise in RPKs.

In terms of cargo, Cathay Pacific transported 142,601 tonnes in November, up by 15% from November last year. Cargo revenue tonne kilometers (RFTKs) increased by 11.9%, while the cargo load factor rose by 1.2 percentage points to reach 62.3%. Available cargo tonne kilometers (AFTKs) increased by 9.8%.

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Chief Customer and Commercial Officer Lavinia Lau commented on the travel sector: “November was another solid month for our travel business... Travel demand was particularly robust on our routes to Japan and South Korea.” She noted that Hong Kong remained a popular destination for travelers from Southeast Asia.

Lau also addressed the cargo sector: “In terms of cargo, November tonnage was at similar levels to the previous month but was 15% higher year on year.” She highlighted high demand for perishables from regions such as the Americas and Southwest Pacific.

Looking ahead, Lau stated: “As a Group, we are pleased to have successfully completed our two-year rebuilding journey... Together, Cathay Pacific and HK Express will reach 100% of pre-pandemic flights from January 2025.”

Cathay Group projects strong financial results driven by increased cargo demand and reduced fuel prices but notes that these are partially offset by normalizing passenger yields due to increased flight supply.

Additionally, Cathay's interest in Air China was diluted following Air China's issuance of new A shares totaling RMB6 billion.

Lau concluded with optimism regarding future operations: “The Group projects a strong second-half financial result driven by elevated cargo demand and reduced fuel prices.”