Hong Kong’s Cathay Pacific Airways said its long-awaited air cargo venture with Air China could gain regulatory approval as early as this year.
Tony Tyler, chief executive officer of Cathay Pacific, said, "We expect approval by the end of this year or early next year."
Cathay, which had expected the venture to begin operations last month, is set to receive Boeing 747-8 freighters next year to help meet demand for cargo flights. The airline is building an air cargo terminal at the airport at a development cost of HK$5.5 billion (US$710 million). The new terminal, when completed in early 2013, will increase the airport’s cargo handling capacity by 50%.
According to the International Air Transport Association, Cathay’s freight traffic rose 25% in the first nine months of this year compared with a year earlier.
MICEBTN reports its revenue climbed 63%t in the six months to June.