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Old November 13th, 2008, 07:45 AM   #1221
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Cathay Pacific releases combined traffic figures for October 2008
12 November 2008
Press Release

Cathay Pacific Airways today released combined Cathay Pacific and Dragonair traffic figures for October 2008 that show passenger growth falling behind capacity growth, together with a significant fall in the amount of cargo and mail carried compared to the same month last year.

In October, Cathay Pacific and Dragonair between them carried a total of 2,091,339 passengers – up 2.6% on the same month in 2007 but some way behind the 11.6% growth in capacity, measured in available seat kilometres (ASKs), for the same period. The load factor for the month was down 5.3 percentage points at 75.5%. For the year to date, the number of passengers carried has risen by 9.2% compared to a capacity rise of 14.2%.

The amount of cargo and mail carried in October dropped by 7.4% to 144,466 tonnes, while the month’s capacity, measured in available cargo/mail tonne kilometres, fell by 2.6% compared to the same month in 2007. The cargo and mail load factor dropped by 2.9 percentage points to 65.9%. For the year to date, cargo and mail tonnage has climbed by 2.4% compared to a capacity rise of 2.8%.

Cathay Pacific General Manager Revenue Management Tom Owen said: “We saw continued weakness in our passenger traffic in October despite capacity growth. October is traditionally one of the busiest months for corporate travel but the peak didn’t materialise this year. Demand to and from Hong Kong remained depressed, particularly on the corporate sales side. We also continue to see the fallout from the financial crisis on most long-haul routes as well as regionally, reflecting a tightening of corporate travel policies and reduced travel for both business and leisure. The outlook remains challenging."

Cathay Pacific General Manager Cargo Sales & Marketing Titus Diu said: “Usually we see a surge in our cargo business in October but this year demand was weaker than expected in most of our key markets, including Hong Kong. We saw no significant post-Olympics pickup out of China while the mini-peak anticipated after the National Day holidays in the Mainland didn’t materialise. We worked to offset weakening demand by combining freighter flights or making ad hoc cancellations where possible.”

http://www.cathaypacific.com/cpa/en_...000ad21c39____
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Old November 13th, 2008, 12:20 PM   #1222
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證券報告 - 瑞信降國泰目標價至8.5港元
11 November 2008
AFX

瑞信發表報告, 指國泰航空(293.HK)經營環境仍然困難, 加上預期明年盈利持續虧損, 其盈利前景負面, 因此把其目標價由13.5港元下調至8.5港元, 維持「中性」評級。

報告預料, 國泰今年虧損7.54億港元, 明年進一步擴大至13.44億港元, 待2010年才可扭虧為盈, 估計純利7.9億港元, 明年客運及貨運量則下跌6-8%。

瑞信預期, 由於經營現金流惡化, 以及估計每年100億港元的資本開支, 令國泰資產負債表繼續轉差。不過, 該行認為, 該公司股價已反映盈利下跌等多項利淡因素, 油價潛在下跌亦可支持股價。
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Old November 14th, 2008, 08:37 AM   #1223
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Old November 14th, 2008, 11:42 AM   #1224
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Cathay Pacific's Tyler Expects `Very Difficult' 2009 on Economy
Last Updated: November 13, 2008 20:43 EST



Nov. 14 (Bloomberg) -- Cathay Pacific Airways Ltd., Hong Kong's largest carrier, faces a ``very difficult'' 2009 as the global economic slowdown saps travel demand, said Chief Executive Officer Tony Tyler.

``In the current environment, you can't make firm plans for too long,'' Tyler said in an interview in Taipei yesterday. ``You have to be flexible.''

Cathay Pacific has implemented a hiring freeze and curbed flying to trim costs as business and leisure travel cools. The credit-market crisis has forced companies to cut jobs and prompted Merrill Lynch & Co., UBS AG and JPMorgan & Chase Co. to tell senior employees in Asia to fly coach on short-haul flights and to cut non-essential travel.

``The outlook for 2009 is highly uncertain,'' Andrew Herdman, director general of the Association of Asia Pacific Airlines, which represents the region's 17 largest carriers, told reporters in Taipei yesterday. ``What we see is a contagion effect where consumer confidence has been severely damaged.''

Cathay Pacific has cut flights to North America this year, and added more services to Australia and the Middle East. The carrier has no plans for further capacity cuts, Tyler said.

Travel Volume

The airline's corporate travel volume in all classes is ``of concern,'' it said on Nov. 5. Advanced bookings for premium travel have dropped from last year and economy-class demand has weakened from earlier this year. The carrier also said that full-year results will be ``disappointing.''

The airline may post a net loss of HK$3.3 billion ($426 million) this year and HK$1.4 billion in 2009, according to a Merrill Lynch report published Nov. 10.

Carriers including Qantas Airways Ltd., Korean Air Lines Co. and China Eastern Airlines Corp. have cut service because of slowing demand. Singapore Airlines Ltd., Asia's most profitable carrier, may sell, lease or convert some aircraft into freighters to slow capacity growth, Chief Executive Officer Chew Choon Seng said on Nov. 7.

Cathay Pacific is in talks with airlines to sell five Boeing Co. 777-200 aircraft, Tyler said yesterday, declining to elaborate. The sale is part of a plan to slow fleet expansion and to boost cash reserves amid an expected drop in revenue.

The credit crunch may make it harder for Cathay Pacific to sell the aircraft as potential buyers may struggle to find funds, according to Mike Skinner, chief executive officer at aviation consultant AMS Aircraft Ltd.

``I doubt anyone can sell 777-200s at the moment,'' Skinner told a conference in Hong Kong last week. ``People may want the aircraft, but they can't finance them.''

Cathay Pacific operates a fleet of 111 twin-aisle aircraft, according to its Web site.

http://www.bloomberg.com/apps/news?p...d=a4Q3W5FpFDiw
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Old November 16th, 2008, 02:13 AM   #1225
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Cathay Pacific October passenger numbers up


Nov 14, 2008 (Datamonitor via COMTEX) -- CPCAY | Quote | Chart | News | PowerRating -- Cathay Pacific Airways and its subsidiary Dragonair have carried a total of 2.09 million passengers in October 2008, an increase of 2.6% over October 2007.

In October 2008, the load factor decreased 5.3 percentage points to 75.5%, while capacity, measured in available seat kilometers, increased 11.6%, compared to October 2007. For the year-to-date, the number of passengers carried increased 10% to 20.87 million, compared to a capacity rise of 14.2%.

The two airlines have carried 144,466 tons of cargo and mail in October 2008, a decrease of 7.4%, compared to the same month of 2007. Capacity, measured in available cargo/mail ton kilometers fell by 2.6%, while the cargo and mail load factor fell by 2.9 percentage points to 65.9%.

Tom Owen, general manager of revenue management at Cathay Pacific, said: "We saw continued weakness in our passenger traffic in October despite capacity growth. October is traditionally one of the busiest months for corporate travel but the peak didn't materialize this year. Demand to and from Hong Kong remained depressed, particularly on the corporate sales side."

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http://www.tradingmarkets.com/.site/...0News/2024361/
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Old November 16th, 2008, 05:44 AM   #1226
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Old November 16th, 2008, 06:04 PM   #1227
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Union letters removed from pilots' mailboxes
9 November 2008
South China Morning Post

Cathay Pacific has removed from the locked mailboxes of its 2,000-plus pilots an appeal from staff unions to join up amid the economic uncertainty.

The airline's management is understood to have been infuriated by the attempt to distribute the letters, headed "Turbulence Ahead", to all 11,000 Cathay and Dragonair pilots and cabin crew last week.

The letter, signed by the leaders of the four main staff unions, warned that the current downturn would bring "increased pressure on all of us from management as they try to reduce costs and maintain margins".

While stressing that unions would work with management to overcome the difficulties, the letter appealed to pilots and cabin crew to join the unions, saying that would "protect your rights and your interests".

But within 24 hours of the letters being put in company-owned mailboxes for pilots in Cathay City at Chek Lap Kok, staff with master keys were sent to unlock them and remove the letters.

Letters for Cathay cabin crew and Dragonair staff were not affected.

The action was greeted with surprise by the 1,300-member Aircrew Officers' Association, which distributed the letter to the mailboxes of 2,300 pilots. It accused the airline of trying to stop pilots joining the union.

"We knew there would be a reaction, but we didn't think this would generate such an angry response from the company," general secretary John Findlay said. "I've never known of a case where the company has taken mail out of pilots' mailboxes. We were really quite surprised.

"Our problem is that management does not give us any access to new joiners. They don't allow us to contact them via their mailboxes. We think that is an unreasonable attitude to take, especially as we have rebuilt our relationship and trust since the problems of 2001.

"It just seems they are going out of their way to stop us approaching potential new members even though we are the sole body representing pilots. They don't seem to want anyone to join, and that should be a cause for concern, especially in these difficult times."

However, a Cathay Pacific spokeswoman said the action breached clear guidelines. She said the letters had been removed to stop pilots' mailboxes getting jammed with unwanted mail.

"The mailboxes are company property," she said. "Their primary purpose is to allow the company to distribute operational notices and updates to all crew.

"It has been a long-standing policy that nobody is allowed access to the mailboxes for mass mailings or junk mail, including the Aircrew Officers' Association."

She said the union had not been denied opportunities to recruit pilots. "The AOA has been provided with space for a notice board, which covers an entire wall of the mailbox room. There are application forms to join the AOA in trays and boxes placed under the notice board. Nobody can miss them."

Cathay Pacific, which issued its latest profit warning on Wednesday, has told staff and investors it expects lean times in the months ahead because of fuel-price fluctuations and falling levels of business travel.
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Old November 18th, 2008, 02:21 PM   #1228
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Old November 19th, 2008, 05:06 PM   #1229
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Cathay cuts year-end bonus for Hong Kong staff
19 November 2008
Agence France Presse

Hong Kong carrier Cathay Pacific said Wednesday it would cut the year-end bonus for its local staff to half a month's pay or 8,000 Hong Kong dollars (1,026 US), whichever is higher.

The company said in a statement that it was unable to pay staff the traditional year-end discretionary bonus of one month's salary because business has been hit hard by high fuel prices and the global financial crisis.

However, it said it will increase staff salaries by an average of 2 percent to boost morale.

"We are in turbulent times, and things will get worse before they get better," said Tony Tyler, the airline's chief executive.

"As a commercial airline with no government financial support or subsidies, we have to manage our resources in a responsible and prudent manner in the interests of our shareholders and staff."

The airline posted a first-half net loss of 663 million Hong Kong dollars in August.

Cathay recently issued its second profit warning of the year, stressing that its full results for 2008 were expected to be disappointing following losses on fuel-hedging contracts taken out to counter the high cost of oil earlier in the year and a slowdown in passenger demand.

In a separate statement Wednesday, Cathay's affiliate, Dragonair, announced a similar move to slash year-end bonuses for its Hong Kong-based staff.
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Old November 23rd, 2008, 05:39 AM   #1230
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Old November 24th, 2008, 05:37 PM   #1231
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Cathay Pacific reduces passenger fuel surcharge
24 November 2008
Press Release

Cathay Pacific Airways has been notified by the Hong Kong Civil Aviation Department (CAD) today that it is one of the airlines granted approval to adjust its passenger fuel surcharge.

In the case of Cathay Pacific, the adjustment will result in a reduction in fuel surcharges, for a two-month period effective 1 December 2008, to HK$108 (US$13.8) for short-haul services in South and North East Asia and HK$499 (US$64) for long-haul services.

The adjustments represent reductions of 45% and 40% respectively from the current surcharges which are HK$196 (US$25.1) for short-haul services and HK$832 (US$106.7) for long-haul services.

A Cathay Pacific spokesman said: “Airfares have come down substantially over the past few months as a result of market forces and our own tactical promotions, including the World Pass and Getaway Surprise. We believe the reduced fuel surcharges will further help to make air travel and overseas holidays more affordable and attractive.”

Jet fuel costs continue to account for about half of Cathay Pacific's net operating costs so far this year, and the adjustments in fuel surcharges can only offset less than half of the airline’s increased fuel cost.

Cathay Pacific regrets the need to impose fuel surcharge on passengers, but the airline’s fuel surcharges continue to lag far behind those imposed by other international airlines on comparable routes outside Hong Kong. As the CAD has pointed out, the surcharges on local routes remain at a lower level.

Most major airlines currently levy fuel surcharges ranging from US$20 to as much as almost US$100 per short-haul sector, while surcharges in the range of US$100-200 for long-haul flights are not uncommon. Some surcharges are actually higher than US$300.
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Old November 27th, 2008, 11:26 AM   #1232
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On-time flights, service ease pain of travel-poll

SINGAPORE, Nov 27 (Reuters) - Good service, edible food and on-time departures were on a list of what business travellers in Asia like about air travel although the whole experience was voted as being less pleasant this year in a survey.

Half the passengers polled in Finance Asia magazine's 2008 business travel survey said business travel was less pleasant this year, up from 48 percent in 2007.

The majority of respondents travelled first or business class, but with 60 percent facing shrinking travel budgets, over a third found themselves squeezed into economy class more often.

"The most frequent comment from our respondents was how much they appreciated the basics. On-time flights, free upgrades and edible food were passengers' most common compliments," said the survey, published in Finance Asia's November issue.

"All airlines had their fair share of complaints. Delays, inattentive flight attendants, lost luggage, missed connections and turbulence topped this year's list. Horror stories included spilled soup and food poisoning in business class."

The magazine's survey involved just over 450 respondents, the majority of whom travelled business or first class and spent at least 20 nights in a hotel this year. Voting ended in September.

The magazine said the drop in business and first class travel would have serious consequences for the travel industry globally, as well as in the Asia-Pacific, with the International Air Transport Association predicting regional airlines' profitability will fall to $300 million this year, from $900 million in 2007.

Singapore Airlines was voted Asia's best for business and first class travel, while Hong Kong's Chek Lap Kok airport was chosen as the region's top airport, with Singapore's Changi coming in second.

Cathay Pacific airline's Hong Kong airport lounges were picked as the best, the survey showed.

"Despite airline passenger service's downward trajectory, respondents said they appreciated when airlines offered little courtesies -- a power adaptor after arrival, showers and ground transport after delays, a box of chocolates for switching seats," the magazine said.

For business accommodation, the Shangri-la was voted Asia's best hotel chain, while the Mandarin Oriental in Bangkok was the top hotel, followed by Singapore's Ritz-Carlton Millenia.

For those business travellers dreading the prospect of yet another flight, Finance Asia had the following advice: "Perhaps it's best to resign yourself to the notion that travel (and life) is like a box of chocolates. You never know what you're going to get," it said.
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Old November 28th, 2008, 03:44 AM   #1233
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'Airlines need 20 years to go green'
27 November 2008
Media

HONG KONG The airline industry will not be able to make itself sustainable for up to 20 years, says Cathay Pacific's general manager for environmental affairs.

Dominic Purvis said airlines needed to look at more than just the most efficient and effective bio-fuel, but also aircraft upgrades and technology, navigation and improved infrastructure. "Airports and navigation needed for new technology are just not ready and it may take 15 to 20 years before they are," he said.

Purvis, who was speaking at the GreenWorks conference in Hong Kong, said Cathay Pacific had cut its fuel consumption by 1.3 per cent through shortened flight paths on regional and long-haul flights, and was the first airline in Asia to implement a carbon offsetting scheme.

Speaker Christine Loh, CEO of Civic Exchange said it takes collaboration across business and educational structures for green issues to be understood and implemented. Steve Garton, executive director of Synovate, presented results of a 2007/08 survey in which 18,000 people across 22 countries were interviewed to find out how important environmental issues were to them. Findings saw older people and married couples with kids more concerned than younger people. In Hong Kong, half felt it was the Government's responsibility to protect the environment, 32 per cent felt business should carry the burden, while 21 per cent said it was individuals' responsibility.
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Old November 28th, 2008, 12:17 PM   #1234
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Friday November 28, 5:59 PM
Cathay to park freighters, offer unpaid leave
AP

Cathay Pacific Airways Ltd. said Friday it will park two freighters, offer unpaid leave to employees and may delay construction on a cargo terminal to cut costs amid the global economic downturn.

The new measures came three weeks after Hong Kong's flagship airline and Asia's No. 3 carrier issued a profit warning due to slumping revenue and losses from hedging jet fuel costs.

Cathay Pacific will park two Boeing 747-400BCF freighters in California in January for a year and reduce cargo flights to Australia, North America and Europe, chief executive Tony Tyler told reporters at a media briefing.

Voluntary unpaid leave will be offered to its pilots and all 7,000 Hong Kong-based cabin crew, Tyler said.

The carrier is also in talks with Hong Kong's Airport Authority about delaying construction on a planned $4.8 billion Hong Kong dollar ($619 million) cargo terminal at the territory's airport to reduce capital expenditures.

Meanwhile, Cathay Pacific will keep passenger growth flat in 2009 by scaling back services to North America and adding flights to Australia, the Middle East and Europe, but the airline won't cut any destinations, Tyler said.

Tyler did not announce job cuts, but cautioned that "the plan may well have to be revised again depending on how things unfold."

"The predictability of the business and visibility of future business is very low. It's very hard to predict what's going to happen with any real certainty. The key for our business over the next few months is flexibility," the executive said.

Cathay Pacific has said that fuel hedging contracts that run through 2011 were costing an estimated HK$2.8 billion ($361 million) as of Oct. 31, though the losses hadn't been realized and could be lower should fuel prices rise again.

The bets were originally placed to protect against surging oil prices earlier this year. The company's jet fuel costs are expected to be about HK$40 billion ($5.2 billion) in 2008.

The company posted a HK$663 million ($86 million) loss in the first six months of this year because of mounting jet fuel costs _ the first half-year loss in nearly five years. Average fuel costs for the first half were 60 percent above those a year earlier.

The number of passengers for Cathay Pacific and subsidiary airline Dragonair combined dropped from 2.13 million passengers in August to 1.88 million passengers in September. Passengers in September were down 0.7 percent from a year earlier.
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Old December 2nd, 2008, 03:31 PM   #1235
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Old December 2nd, 2008, 09:24 PM   #1236
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Cathay Pacific Announces New Measures To Deal With Business Downturn
December 02, 2008 21:59 PM

KUALA LUMPUR, Dec 2 (Bernama) -- Cathay Pacific Airways today announced a host of fresh measures that will help the airline mitigate a serious downturn in aviation business arising from the global financial crisis.

The measures include cutting back on planned passenger capacity growth in 2009; offering cabin and cockpit crew the opportunity to take voluntary unpaid leave; parking two Cathay Pacific freighters; and requesting a deferment on the construction of the Cathay Pacific Cargo Terminal.

The airline said it is paring back its earlier projection of 6-7 percent growth in capacity in 2009 to less than 1 percent to reflect the anticipated decline in demand.

Services on some routes will be adjusted accordingly though the airline is clear that it plans to keep its network integrity intact and not cut any destinations, it said in a statement.

The new capacity figure takes into account the airlines previously announced decision to remove five Boeing 777-200 aircraft from its fleet and also covers delays in the deliveries of new aircraft as a result of the recent strike at the Boeing factory in Seattle, it said. As a result of the lower passenger load growth, the airline will offer a voluntary unpaid leave scheme for its cabin and cockpit crew.

The 2009 scheme for cabin crew will come into effect on Jan 1, ranging from two weeks to a maximum of 12 months.

The scheme will apply to all ranks of Hong Kong-based Cathay Pacific's 7,000 cabin crew, it said.

Unpaid leave is also being offered to the airlines pilots on a voluntary basis, it said.

The airline said it will ensure it has sufficient crew for operational needs at all times.

The financial crisis is having a severe impact on Cathay Pacific's air freight business as several of the worlds major economies are heading into recession.

In light of this, the airline will park two Boeing 747-400BCF freighters at Victorville, California, for a year with effect from January 2009.

Regionally there will be no significant changes to scheduled freighter schedules though there will be some frequency reductions to Australia, North America and Europe, it said.

The airline will receive four more new Boeing 747-400 Extended Range Freighters in 2009 though the delivery of its new Boeing 747-8Fs will now only begin in 2010.

The airline has also submitted a request to defer construction of the new Cathay Pacific Cargo Terminal at the Hong Kong International Airport by up to two years in a move to keep capacity expansion in line with market growth and to reduce its capital expenditure in 2009 and 2010.

Discussions are ongoing with the Airport Authority and no further details can be given until the talks are concluded, it said.

Preliminary work has already begun on the HK$4.8 billion facility, which was originally scheduled to begin operations in the second half of 2011, it said.

Despite the requested deferment, Cathay Pacific remains committed to building the terminal and to further developing Hong Kong's position as a leading international airfreight hub.

Cathay Pacific Chief Executive Tony Tyler said: "This is a very difficult time for our airline and for the aviation industry as a whole. We cannot see the light at the end of the tunnel at this point."

Tyler said adjustments to the airline's operating plan for next year were "necessary" given the expected global drop in demand.

However, the plan may well have to be revised again depending on how things unfold, he said, adding nothing can be set in stone at the moment.

"Visibility is low and it's hard to predict developments with any real certainty. Flexibility will be the key word in the months ahead," he added.

-- BERNAMA
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Old December 3rd, 2008, 06:34 AM   #1237
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By bae146 from HKADB :



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Old December 5th, 2008, 04:39 AM   #1238
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國泰(293)本月起擴大跨境預辦登機服務,兼顧深圳陸路客
4 December 2008
經濟通新聞

《經濟通通訊社4專訊》國泰航空(00293)公布,自本月1日起,已擴大跨境預辦登機服務,至兼顧深圳陸路客,由內地往香港乘搭國泰航班旅客,可於深圳寶安國際機場辦妥登機手續及領取登機證,利用陸路交通過境,前往香港國際機場登機。

新陸路跨境預辦登機手續服務,由國泰航空與香港機場管理局合資之「聯天客運」營運,該公司目前已於蛇口、福永、虎門及澳門提供「跨境上游」服務,為乘搭跨境渡輪往赤鱲角海天客運碼頭之乘客,在當地碼頭預辦登機手續。
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Old December 5th, 2008, 02:30 PM   #1239
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How do you call Cathay Pacific in Cantonese ? Is it "Kokkai" something ?
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Old December 5th, 2008, 04:49 PM   #1240
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Quote:
Originally Posted by Skyprince View Post
How do you call Cathay Pacific in Cantonese ? Is it "Kokkai" something ?
"Kwok Tai"
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