SkyscraperCity banner

3701 - 3711 of 3711 Posts

·
Moderator
Joined
·
103,899 Posts
Discussion Starter #3,701
No quick rebound on the horizon, warns Cathay
RTHK Excerpt
Apr 16, 2020

Cathay Pacific said on Thursday that it remains impossible to predict a recovery timeline for travel demand and said it would be "exploring all options" to ensure the airline group survives the severe economic fallout of the Covid-19 outbreak.

Bleak passenger numbers continued to cripple the Hong Kong flag carrier as it revealed it carried only 302 people across a whole day earlier this week – a number that could fit into a single plane.

In a statement published, the airline revealed that Cathay Pacific and Cathay Dragon planes carried around 311,000 passengers in March, down 90 percent on the same month last year.

Overall, the airline group carried 52 percent fewer passengers in the first quarter compared to the same period last year.

Cathay said it is not expecting any improvement this month either. It's anticipating average daily passenger numbers to remain below 1,000.

More : No quick rebound on the horizon, warns Cathay - RTHK
 

·
Moderator
Joined
·
103,899 Posts
Discussion Starter #3,702
Cathay Pacific to close U.S. cabin crew bases, laying off 286 staff
Excerpt
Apr 17, 2020

SYDNEY (Reuters) - Hong Kong’s Cathay Pacific Airways Ltd (0293.HK) will close its three cabin crew bases in the United States, the airline said on Friday, laying off 286 staff as the coronavirus pandemic has virtually halted global travel.

The carrier has grounded most of its planes because of the fall in demand, flying only a skeleton network to major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo and Vancouver in April and May that represents just 3% of normal capacity.

In a statement, Cathay said it was communicating with the affected crew in New York, San Francisco and Los Angeles as well as their union.

Last month it announced the closure of its Vancouver cabin crew base, with 147 crew, as part of a business review.

More : Cathay Pacific to close U.S. cabin crew bases, laying off 286 staff
 

·
Moderator
Joined
·
103,899 Posts

·
Espartano
Joined
·
2,328 Posts

·
Moderator
Joined
·
103,899 Posts
Discussion Starter #3,705
Cathay Pacific Group Releases Combined Traffic Figures for March 2020
Press Release Excerpt

Thursday, April 16, 2020 — The Cathay Pacific Group today released combined Cathay Pacific and Cathay Dragon traffic figures for March 2020 that show drastic decreases in the number of passengers carried and the amount of cargo and mail uplifted compared to the same month in 2019. The trend reflected the capacity reductions for March 2020 as the global COVID-19 pandemic continued to intensify with more and tightened travel restrictions and quarantine requirements implemented in Hong Kong and other markets.

Cathay Pacific and Cathay Dragon carried a total of 311,128 passengers last month, a decrease of 90% compared to March 2019. The month’s revenue passenger kilometres (RPKs) also fell 84.3% year-on-year. Passenger load factor slid by 34.6 percentage points to 49.3%, while capacity, measured in available seat kilometres (ASKs), decreased by 73.2%.

The two airlines carried 119,277 tonnes of cargo and mail last month, a decrease of 35.6% compared to March 2019. The month’s revenue freight tonne kilometres (RFTKs) also fell 29% year-on-year. The cargo and mail load factor increased by 9 percentage points to 77.4%, while capacity, measured in available freight tonne kilometres (AFTKs), was down by 37.2%.

More : Cathay Pacific Group Releases Combined Traffic Figures for March 2020
 

·
Moderator
Joined
·
103,899 Posts
Discussion Starter #3,706
Coronavirus: struggling Cathay Pacific hints at further job losses with pilots now in the firing line
South China Morning Post Excerpt
May 11, 2020

The Cathay Pacific Group has given its clearest hint yet of job losses among pilots as part of its Covid-19 “structural change” review, ahead of crunch talks in around two weeks.

Alex McGowan, the general manager of aircrew, said in a memo to the company’s 4,100 cockpit crew the airline’s priority “is to preserve pilots’ jobs where we can”.

Cathay has said upcoming discussions with the Hong Kong Aircrew Officers Association (HKAOA), representing unionised pilots, would involve “challenging conversations”.

The contents of the memo referenced the job losses caused by the company’s previous restructurings, and a lower-cost pilot contract, suggesting one approach the airline might take in talks. Some pilots who previously switched to the cheaper contract took an approximate 50-60 per cent cut to total pay, which includes housing and other allowances.

Cathay’s structural review, disclosed by the Post last week, could involve a combination of fewer staff, planes, routes and brands under the airline group.

More : Pilots in firing line as Cathay Pacific hints at further job losses
 

·
Moderator
Joined
·
103,899 Posts
Discussion Starter #3,707
Cathay Pacific could get cash injection from shareholder Qatar Airways
South China Morning Post Excerpt
May 13, 2020

Qatar Airways, the third-largest shareholder in Cathay Pacific, said it was willing to provide an equity injection into Hong Kong’s financially battered flagship carrier if approached.

“Cathay is a well-established company and as a shareholder, if Cathay Pacific were to approach us for an equity injection, we will definitely support them,” Al Baker, Group CEO of the Doha-based carrier, told the Post.

Qatar said it was in a position to help, despite being hit hard by the collapse in global air travel demand.

The airline holds a 9.99 per cent stake in Cathay and previously expressed interest in raising its holding, but has been restricted by the limited volume of publicly traded shares.

Cathay’s two main shareholders are Swire Pacific and Air China, which hold a 45 per cent and 29.99 per cent stake each. One way for Cathay to bolster liquidity could be to issue new shares.

More : Cathay Pacific could get cash injection from shareholder Qatar Airways
 

·
Moderator
Joined
·
103,899 Posts
Discussion Starter #3,711
Exclusive: Cathay Pacific's brand merger hits roadblock from China's aviation regulator
Excerpt
May 26, 2020

SYDNEY (Reuters) - China’s aviation regulator may make it difficult for Hong Kong’s Cathay Pacific Airways Ltd (0293.HK) to merge regional arm Cathay Dragon into its main brand because of infractions during last year’s pro-democracy protests, two sources said.

The airline is looking to cut costs, streamline marketing and consolidate pilot contracts around Cathay Pacific and low-cost arm HK Express, the sources said on condition of anonymity.

Rival Singapore Airlines Ltd (SIAL.SI) is doing the same with regional arm SilkAir and budget arm Scoot.

But the Civil Aviation Administration of China (CAAC) would view such a move as an expansion and could block Cathay from keeping access to 20 mainland routes flown only by Dragon.

The Cathay Pacific brand flies only to Beijing and Shanghai, while Dragon destinations include smaller cities like Fuzhou and Nanjing.

China’s aviation regulator stepped up inspections of Cathay planes last fall after warning the airline that staff participating in anti-government protests in Hong Kong would no longer be allowed to fly to mainland destinations or even in Chinese airspace.

More : Exclusive: Cathay Pacific's brand merger hits roadblock from China's aviation regulator
 
3701 - 3711 of 3711 Posts
Top