Cathay Pacific reported positive passenger traffic figures for April 2024, indicating a continued rebound in travel demand. The airline highlighted a strong showing in both leisure and business travel segments, fueled by various holidays and events across the region. Compared to April 2023, Cathay Pacific carried 26.1% more passengers, with a total of 1,741,585 passengers in April 2024. Revenue passenger kilometers (RPKs), which measure passenger traffic, also saw a year-on-year increase of 27.8%.
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However, a closer look reveals a more nuanced picture. While passenger numbers climbed, the load factor, which reflects how efficiently the airline uses its available seats, actually decreased by 5.4 percentage points to 81.6%. This suggests Cathay Pacific increased its available seat kilometers (ASKs) at a faster rate than passenger growth. This strategy could be aimed at capturing a larger share of the recovering travel market.
Cargo traffic also showed mixed results. Compared to April 2023, Cathay Pacific handled 7.4% more cargo tonnage in April 2024. However, cargo revenue tonne kilometers (RFTKs) dipped slightly by 0.4%, indicating a decrease in the profitability of cargo transportation. The cargo load factor also declined by 4.2 percentage points to 59.5%. Lavinia Lau, Cathay Pacific's Chief Customer and Commercial Officer, attributed April's strong travel demand to a confluence of factors. Holidays like Easter and festive periods in Southeast Asia played a role, along with significant business travel demand, particularly due to the Canton Fair in Guangzhou.
Looking ahead, Cathay Pacific remains optimistic. The airline anticipates a further boost in tourism with the expansion of the Individual Visit Scheme to include eight more Chinese cities. Additionally, they plan to operate up to 210 return flights per week between Hong Kong and mainland China this summer, reflecting their confidence in the continued recovery of travel demand.