Hong Kong, Cathay Pacific

Hong Kong, Cathay Pacific

Cathay Pacific freezes new hiring, to focus on cost cuts: Memo

Cathay Pacific freezes new hiring, to focus on cost cuts: Memo

12.9.2019

Cathay Pacific freezes new hiring, to focus on cost cuts: Memo

HONG KONG : Cathay Pacific Airways has put a freeze on new hiring, according to an internal memo seen by Reuters, as the airline battles a slump in ...

cut capacity for the upcoming winter season after reporting an 11.3 per cent fall in passenger numbers for August. The airline does not expect September to be any less difficult, while analysts have projected it could swing to a loss in the second half. Cathay shares fell 2.4 per cent early on Thursday, lagging the benchmark Hang Seng Index that was down 0.4 per cent. The weak demand and cuts to capacity will heap more pressure on Cathay and its new management, appointed after CEO Rupert Hogg quit last month in a shock move and the resignation of Chairman John Slosar last week. Cathay, which is trying to complete a three-year financial turnaround plan, has become the biggest corporate casualty of the Hong Kong protests after China demanded it suspend staff involved in, or supporting, the demonstrations that have plunged the former British colony into a political crisis. Advertisement Advertisement Jefferies analyst Andrew Lee told clients he expected the airline could swing to a HK$973 million (US$124.1 million) loss in the second half of the year. BOCOM International analyst Luya You said second-half earnings could be"notably dismal". Cathay last month swung to its first profit for the January-June period since 2016 and said at the time that the second half was likely to be better as usual due to seasonality. Source: Reuters/jt Read more: CNA

Cathay Pacific freezes new hiring, to focus on cost cuts: memo Cathay Pacific Airways Ltd has put a freeze on new hiring, according to an internal memo seen by Reuters, as the airline battles a slump in ...

Cathay Pacific freezes new hiring, to focus on cost cuts: Memo HONG KONG (REUTERS) - Cathay Pacific Airways Ltd has put a freeze on new hiring, according to an internal memo seen by Reuters, as the airline battles a slump in demand from fliers avoiding Hong Kong amid massive anti-government protests in the city.. Read more at straitstimes.com.

Cathay Pacific to cut capacity as demand for Hong Kong travel falls HONG KONG (REUTERS) - Cathay Pacific Airways said on Wednesday (Sept 11) it would cut capacity for the upcoming winter season after reporting an 11.3 per cent fall in passenger numbers in the month of August as anti-government protests in Hong Kong hit demand.. Read more at straitstimes.com.

Cathay Pacific to cut capacity as demand for Hong Kong travel falls HONG KONG : Cathay Pacific Airways said on Wednesday (Sep 11) it would cut capacity for the upcoming winter season after reporting an 11.3 per ...

Cathay Pacific to cut capacity after 38% plunge in passengers flying to Hong Kong

Cathay Pacific to cut capacity after 38% plunge in passengers flying to Hong KongDont forget people also boycotting Cathay for the way they have treated staff during thr protests. I am never flying them again.

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