Cathay Pacific orders USD11B worth of Airbus A330 amid recovery efforts
(MENAFN) On Wednesday, Hong Kong-based Cathay Pacific announced a significant expansion of its fleet with an order for at least 30 Airbus A330 aircraft, valued at approximately USD11 billion. This major acquisition includes an option for an additional 30 Airbus A330s, reflecting the airline's commitment to modernizing its fleet. The new aircraft are scheduled for delivery by the end of 2031 and will bolster Cathay Pacific’s existing fleet of over 230 aircraft, which primarily serves passenger transport.
The airline has set ambitious goals to restore its passenger capacity to pre-pandemic levels by early 2025, as it continues to recover from the disruptions caused by the COVID-19 pandemic. For the first half of 2024, Cathay Pacific reported a notable increase in revenues, reaching USD6.4 billion, a 14 percent rise compared to the same period last year. This growth comes as Hong Kong's air transport sector shows signs of recovery following a challenging period.
Despite these positive developments, Cathay Pacific faces challenges such as a labor shortage and increased competition from regional rivals like Singapore Airlines. The company's stock experienced a decline of more than 1 percent in afternoon trading on the Hong Kong stock exchange on Wednesday, reflecting ongoing market concerns.
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