Yahoo Finance Cathay woos travelers with cheapest tickets since Covid
By Danny Lee
(Bloomberg) — Cathay Pacific Airways Ltd. started selling some of its cheapest tickets in more than three-and-a-half years on Thursday, offloading 100,000 economy seats at steep discounts.
Hong Kong’s main airline ran the promotional offer to more than 30 destinations for travel between January to June 2024. The two-week sale started at 2 p.m. local time, though many customers were left waiting for over an hour. Some were lucky to snap up flights, including a return trip to London for slightly less than the initially advertised promotional price.
Among the biggest discounts on offer were flights to London for HK$5,538 ($707), including taxes and surcharges. Cathay is currently selling tickets to London in the second week of January for HK$12,563 — typical of the inflated prices travelers are paying as the airline rebuilds from Covid.
The carrier’s revenue over recent months has been buoyed by strong demand, limited supply and high airfares, helping it post its largest first-half profit in 13 years.
Other destinations on sale included Bangkok, Singapore and Seoul, and long-haul flights to Sydney, Tel Aviv, Amsterdam and Chicago.
An airline spokesman said it was running the campaign to tempt travelers to fly more, including to destinations they wouldn’t otherwise try, as Cathay adds capacity. The airline will top 70% of pre-Covid capacity by the end of 2023, and fully recover by the end of next year.
Cathay shares closed at HK$8.56 on Thursday, unchanged from the previous day.
—With assistance from Linda Lew.
©2023 Bloomberg L.P.
