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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Cathay Pacific Airways Ltd    0293   HK0293001514

CATHAY PACIFIC AIRWAYS LTD

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Cathay Pacific Airways : China says crew information submitted by Cathay Pacific meets requirements

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08/15/2019 | 12:05am EDT
A Cathay Pacific Boeing 777 plane lands at Hong Kong airport after it reopened following clashes between police and protesters

BEIJING (Reuters) - China's aviation regulator said on Thursday that identification information submitted so far by Hong Kong's Cathay Pacific Airways Ltd for its crew meets requirements.

The airline became embroiled in crosswinds between Beijing and pro-democracy groups in the Asian financial hub after some of its employees took part in the Hong Kong protests.

On Friday, the Civil Aviation Administration of China (CAAC) ordered Cathay to provide identification information for its crew on mainland-bound flights and those using Chinese airspace, which include many flights to Europe and North America.

"Cathay Pacific submitted the identification information for its crew members on flights to and over mainland on time. After review, the identification information for its crew meets the requirements laid out in the safety warning," Gu Xiaohong, an official with the CAAC told a monthly briefing.

Crew members that have not gained the authority's approval will not be allowed into its airspace, including on flights bound for other destinations.

Cathay said in a statement that it had submitted a report to CAAC on extra steps it was taking as was required. "We strictly abide by the rules and regulations of all regulators that have jurisdiction over us," the airline said.

Cathay shares were trading up 4.7% at 0300 GMT, the second day of gains following earlier falls to 10-year lows.

On Wednesday, Cathay terminated the employment of two pilots over their involvement in protests in Hong Kong, after being ordered by the CAAC to suspend personnel who had engaged in illegal protests.

Cathay and its top shareholder and manager, Swire Pacific Ltd, placed advertisements on Wednesday in the Hong Kong Economic Journal in support of the Hong Kong government and its efforts to restore law and order.

(Reporting by Stella Qiu and Brenda Goh; Additional reporting by Jamie Freed; Editing by Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LTD -1.35% 10.26 End-of-day quote.-7.57%
SWIRE PACIFIC LIMITED -1.27% 77.9 End-of-day quote.-5.92%
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Financials (HKD)
Sales 2019 109 B
EBIT 2019 4 898 M
Net income 2019 3 470 M
Debt 2019 73 902 M
Yield 2019 3,74%
P/E ratio 2019 11,6x
P/E ratio 2020 8,62x
EV / Sales2019 1,04x
EV / Sales2020 0,98x
Capitalization 40 361 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 13,34  HKD
Last Close Price 10,26  HKD
Spread / Highest target 70,6%
Spread / Average Target 30,0%
Spread / Lowest Target -41,5%
EPS Revisions
Managers
NameTitle
Rupert Hogg Chief Executive Officer & Executive Director
John Robert Slosar Chairman
Gregory Thomas Forrest Hughes Director, COO & Chief Service Delivery Officer
Martin James Murray Chief Financial Officer & Executive Director
Kwok Leung Chu Non-Executive Director
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