Cathay Pac Air (00293) announced the passenger and cargo volume data for October 2024. During the month, operations exceeded 10,000 passenger and cargo flights...
According to the Zhitong Finance APP, Cathay Pac Air (00293) announced the passenger and cargo volume data for October 2024. Operations exceeded 10,000 passenger and cargo flight segments this month, setting a new single-month record for the year and achieving a new journey.
In October 2024, Cathay Pac Air carried 2.0141 million passengers, an increase of 19.6% compared to the same month in 2023. Passenger revenue passenger kilometers increased by 19.1% year-on-year. Passenger load factor decreased by 1.6 percentage points to 83.1%, while available seat kilometers increased by 21.3% year-on-year. In the first ten months of 2024, the number of passengers carried increased by 27.4% compared to the same period last year to 18.5678 million, available seat kilometers rose by 32.7%, and revenue passenger kilometers increased by 26.8%.
In October 2024, Cathay Pac Air transported 0.1423 million metric tons of cargo, an increase of 14.3% from the same month last year. Cargo revenue tonne kilometers increased by 9.8% year-on-year, and load factor increased by 0.8 percentage points to 61.5%. Available cargo tonne kilometers increased by 8.4% year-on-year. In the first ten months of 2024, cargo volume increased by 10.4% compared to the same period last year to 1.2459 million metric tons, available cargo tonne kilometers rose by 8.8%, while cargo revenue tonne kilometers increased by 4.1%.
Looking ahead, we expect the Christmas holiday to be another peak travel season, and Japan will likely remain the most popular travel destination for residents of Hong Kong. We also anticipate a significant increase in demand from North America, the united kingdom, and other european countries as many customers come to Hong Kong to visit friends and family.
As for new routes, Cathay Pac Air will begin seasonal service to and from Cairns every Wednesday starting December 17, 2024. Recently, we also announced the resumption of direct passenger flight services to and from Hyderabad starting March 30, 2025, further strengthening our network in india. In addition, Hong Kong Express will launch a weekly route between Hong Kong and Hiroshima starting this November, increasing to twice weekly in January next year.
In terms of cargo, strong demand is expected to continue throughout the peak season, driven by e-commerce, high-tech, and electronics from mainland and southeast asia; as well as the transportation of fresh goods from the southwest pacific and americas.
On November 14, 2024, cathay pac air announced a proposed buyback of the HKD 6.74 billion 2.75% secured convertible bonds issued on February 5, 2021, maturing in 2026. This buyback reflects cathay pac air's strong confidence in its long-term business prospects and may enhance shareholder returns. The buyback price will be determined after the closing of cathay pac air's shares on the Hong Kong Stock Exchange Limited on December 19, 2024.