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CATHAY PACIFIC AIRWAYS LIMITED

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Delayed Hong Kong Stock Exchange  -  03:08:49 2023-02-03 am EST
7.870 HKD   +0.77%
02/02Hong Kong says 'hello' to woo back visitors after COVID isolation
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01/20Cathay Pacific Expects to Operate at 70% of Pre-COVID Passenger Capacity by Year-End
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Cathay Pacific to operate less than 50% of pre-pandemic capacity in 2021

10/19/2020 | 01:11am EST
A Cathay Pacific Airways Airbus A350 airplane approaches to land at Changi International Airport in Singapore

SYDNEY (Reuters) - Hong Kong's Cathay Pacific Airways Ltd said on Monday it expects to operate less than 50% of its pre-pandemic passenger flight capacity in 2021 as it nears completion of a strategic review that could lead to major job losses.

The airline said it planned to operate around 10% of its pre-pandemic capacity for the remainder of 2020, with most borders remaining closed.

The airline industry has been hard hit by the coronavirus pandemic as many countries imposed travel restrictions to contain its spread. Many of the curbs still remain in place.

"Among the multiple scenarios studied, this one is already the most optimistic that we can responsibly adopt at this moment," Cathay said in the release of its monthly traffic figures to the stock exchange.

The airline said it assumed it would be operating well below 25% of pre-pandemic capacity in the first half of 2021 but that there would be a recovery in the second half if vaccines currently under development proved effective and are widely adopted in its key markets by the middle of 2021.

In September, the airline's passenger numbers fell by 98.1% compared with a year earlier, though cargo carriage was down by a smaller 36.6%.

Cathay had in June said it was reviewing its strategy in light of the travel downturn, with "tough decisions" to be announced during the fourth quarter.

The South China Morning Post reported on Monday the Cathay board was expected to back a restructuring plan this week that included staff redundancies and pay cuts, citing unnamed sources.

In response, Cathay told Reuters it declined to comment on speculation.

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, but Cathay has so far refrained from major job cuts.

Cathay has sent around 40% of its passenger fleet to less humid locations outside Hong Kong for storage.

(Reporting by Jamie Freed; Editing by Himani Sarkar and Ana Nicolaci da Costa)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CATHAY PACIFIC AIRWAYS LIMITED 0.77% 7.87 Delayed Quote.-8.33%
QANTAS AIRWAYS LIMITED 1.58% 6.42 Delayed Quote.5.16%
SINGAPORE AIRLINES LIMITED 0.17% 5.97 Delayed Quote.7.78%
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Financials
Sales 2022 52 777 M 6 727 M 6 727 M
Net income 2022 -6 538 M -833 M -833 M
Net Debt 2022 62 062 M 7 910 M 7 910 M
P/E ratio 2022 -7,64x
Yield 2022 -
Capitalization 50 661 M 6 457 M 6 457 M
EV / Sales 2022 2,14x
EV / Sales 2023 1,18x
Nbr of Employees 20 800
Free-Float 15,0%
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Number of Analysts 12
Last Close Price 7,87 HKD
Average target price 9,51 HKD
Spread / Average Target 20,8%
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Managers and Directors
Siu Por Lam Chief Executive Officer & Executive Director
Rebecca Jane Sharpe Chief Financial Officer & Executive Director
Patrick Healy Chairman
Lawrence Fong Director-Digital & Information Technology
Gregory Thomas Forrest Hughes COO, Director & Chief Service Delivery Officer
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