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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 to cut 6,000 jobs, axe Cathay Dragon brand: SCMP

10/20/2020 | 12:37pm EST
Cathay Pacific aircraft is seen at Hong Kong International Airport in Hong Kong

(Reuters) - Hong Kong's Cathay Pacific Airways Ltd will cut around 6,000 jobs, or 18% of its workforce, and axe regional brand Cathay Dragon to help it weather the coronavirus pandemic, the South China Morning Post reported on Tuesday, citing sources.

The airline said in June it was reviewing its strategy in light of the travel downturn, with "tough decisions" to be announced during the fourth quarter and analysts expected it would announce major job cuts.

That month the Hong Kong government also led a $5 billion rescue package for the airline, which has been burning through around HK$1.5 billion ($193.55 million) to HK$2 billion of cash a month.

The South China Morning Post said the airline was expected to announce the job cuts on Wednesday, adding the figure had been reduced from 8,000 layoffs after government intervention.

The newspaper, citing unidentified sources, said the airline will sacrifice Cathay Dragon but staff and resources of the two airlines would be merged. Cathay declined to comment.

The airline last month said it would not apply for further government employment subsidies for its main business units, allowing it to make job cuts at Cathay Pacific and Cathay Dragon, though not at budget carrier HK Express.

Cathay had refrained from major job cuts but Singapore Airlines Ltd has announced 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 has sent around 40% of its passenger fleet to less humid locations outside Hong Kong for storage. On Monday, the airline said it expected to operate less than 50% of its pre-pandemic passenger flight capacity in 2021.

Passenger numbers in September fell 98.1% compared with a year earlier due to border closures, though cargo carriage was down by only 36.6%.

(Reporting by Jamie Freed; Editing by Christian Schmollinger)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LIMITED 0.14% 7.37 End-of-day quote.-36.02%
QANTAS AIRWAYS LIMITED 1.62% 5.66 End-of-day quote.-20.39%
SINGAPORE AIRLINES LIMITED 3.85% 4.58 End-of-day quote.-49.34%
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Financials
Sales 2020 45 785 M 5 907 M 5 907 M
Net income 2020 -19 021 M -2 454 M -2 454 M
Net Debt 2020 53 282 M 6 874 M 6 874 M
P/E ratio 2020 -1,93x
Yield 2020 0,11%
Capitalization 47 378 M 6 112 M 6 113 M
EV / Sales 2020 2,20x
EV / Sales 2021 1,48x
Nbr of Employees 33 000
Free-Float 17,1%
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Technical analysis trends CATHAY PACIFIC AIRWAYS LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 7,50 HKD
Last Close Price 7,36 HKD
Spread / Highest target 20,9%
Spread / Average Target 1,90%
Spread / Lowest Target -23,9%
EPS Revisions
Managers
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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