Hong Kong’s Cathay Pacific pushes plane orders to over 100 as part of HK$100 billion plan

Group chairman Patrick Healy says ‘bold new strategy’ will see investment in fleet, airport lounges and more

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Newly designed lounges will be unveiled in Hong Kong, Beijing and New York under the investment push. Photo: May Tse

Published: 1:35pm, 7 Aug 2024Updated: 11:23pm, 7 Aug 2024

Hong Kong’s Cathay Pacific Airways has rolled out a major investment initiative of more than HK$100 billion (US$12.8 billion) to be generated over the next seven years, as the flag carrier seeks to embark on a “bold new strategy”.

The company revealed on Wednesday that it would buy 30 aircraft on top of the previously ordered 70 as part of its investment drive, taking total orders to more than 100. The announcement was made after the company posted a 15.3 per cent year-on-year decline in net profit, to HK$3.61 billion (US$460 million), for the first half of 2024.

The Post has learned that the company plans to raise the capital through bank loans.

Cathay group chairman Patrick Healy said the company was turning a page and embarking on a “bold new strategy” for the future in terms of both scope and quality, seeking to strengthen Hong Kong’s status as an international aviation hub with the airport’s three-runway system.

“As the local airline, we are a key contributor to the future success of the international aviation hub. Our substantial investments further demonstrate our unwavering commitment to fostering Hong Kong’s ongoing economic development,” he said.

“With over HK$100 billion being invested in our fleet, cabin products, airport lounges and more, we are firmly turning the page and embarking on a bold new strategy for the future, not just in scope but also in quality.”