Cathay is particularly exposed because almost half its revenue comes from its base in HK and mainland China.
Chief Executive Officer Augustus Tang said in an internal memo that Cathay’s challenges “remain acute”, and he thanked employees for their support.Most office staff have taken up the offer, but the acceptance rate is lower for pilots and cabin crew, according to a person familiar with the plans. Cathay warned last week that results in the first six months of this year will be “significantly down” from a year earlier.The stock has fallen 11% this year, though is little changed since concern about the virus exploded in late January and the airline started halting flights.Asian carriers may lose US$27.8 billion in revenue this year because of the outbreak, which includes a US$12.8 billion loss for Chinese airlines, according to the International Air Transport Association.
CRAZY CHINES
WHO CARES,IF ALIVE MONEY IS IN USE,
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