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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Cathay Pacific Airways Limited    293   HK0293001514

CATHAY PACIFIC AIRWAYS LIMITED

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Cathay Pacific shuns some job subsidies, raising spectre of major cuts

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09/11/2020 | 02:26am EDT

* Will be possible to cut more jobs at Cathay Pacific, Dragon

* Accepts subsidies for budget carrier HK Express, other units

* Airline expected to announce results of review in Q4

SYDNEY, Sept 11 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd said on Friday it would not apply for further government employment subsidies for its main business units, freeing up its ability to make major job cuts at Cathay Pacific and Cathay Dragon.

It has, however, applied for the support for budget carrier HK Express, Air Hong Kong, Cargo Terminal, Hong Kong Airport Service and Cathay Pacific Catering Services, the airline said in a statement. That financial support protects jobs from September to November, according to the government website.

Cathay, which received a $5 billion rescue package led by the Hong Kong government, has so far refrained from large-scale job cuts but has warned it is reviewing all aspects of its business model with the results expected in the fourth quarter.

Cathay and its units had around 27,000 employees globally at the end of 2019, according to its annual report. So far the group has cut jobs of around 400 overseas cabin crew and offered voluntary early retirement to pilots.

"It is inevitable we will need to right-size our airlines to address the reduced travel market," Cathay General Manager Corporate Affairs Andy Wong said in the statement.

"We continue to make decisions based on the long-term interests of the company and the Hong Kong aviation hub, to protect our future and as many people as possible."

Several employees have told Reuters on condition of anonymity that they are bracing for major job losses in line with those seen at other airlines in the region.

Rival Singapore Airlines Ltd announced on Thursday plans to cut around 20% of positions, while Australia's Qantas Airways Ltd has said it will cut nearly 30% of its pre-pandemic staff.

Cathay, like Singapore Airlines, lacks a domestic market at a time when most international borders remain closed.

The Hong Kong airline said last month it expected passenger capacity to operate at around 8% of normal in August and September, though demand is strong in its cargo business. (Reporting by Jamie Freed; Editing by Jacqueline Wong and Muralikumar Anantharaman)


Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LIMITED -0.75% 5.26 End-of-day quote.-54.34%
QANTAS AIRWAYS LIMITED -3.68% 4.19 End-of-day quote.-41.07%
SINGAPORE AIRLINES LIMITED -1.45% 3.39 End-of-day quote.-62.50%
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Financials
Sales 2020 46 731 M 6 027 M 6 027 M
Net income 2020 -18 490 M -2 385 M -2 385 M
Net Debt 2020 52 238 M 6 737 M 6 737 M
P/E ratio 2020 -1,45x
Yield 2020 0,16%
Capitalization 33 860 M 4 367 M 4 367 M
EV / Sales 2020 1,84x
EV / Sales 2021 1,27x
Nbr of Employees 33 000
Free-Float 17,1%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 6,42 HKD
Last Close Price 5,26 HKD
Spread / Highest target 61,6%
Spread / Average Target 22,1%
Spread / Lowest Target -5,89%
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NameTitle
Kin Wing Tang Chief Executive Officer & Executive Director
Patrick Healy Chairman
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
Martin James Murray Chief Financial Officer & Executive Director
Jian Jiang Cai Deputy Chairman
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