Cathay sees storm as earnings may dip
Source: Bloomberg News |
May 10, 2012, Thursday
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Print Edition
Print Edition
CATHAY Pacific Airways Ltd, Asia's largest international carrier, slowed growth plans and predicted "disappointing" first-half results on rising fuel prices and waning travel demand.
The airline will cut passenger-capacity growth to 3.2 percent this year, partly by paring flights to North America and Europe, it said in a statement yesterday. The Hong Kong-based carrier had planned for a 7 percent increase.
Cathay will also stop hiring ground staff, offer cabin crew unpaid leave and pare cargo plans to lower costs as it contends with fuel prices that have jumped 40 percent in two years.
Singapore Airlines Ltd has cut freighter flights and offered some pilots unpaid leave because of a demand slowdown.
The airline will cut passenger-capacity growth to 3.2 percent this year, partly by paring flights to North America and Europe, it said in a statement yesterday. The Hong Kong-based carrier had planned for a 7 percent increase.
Cathay will also stop hiring ground staff, offer cabin crew unpaid leave and pare cargo plans to lower costs as it contends with fuel prices that have jumped 40 percent in two years.
Singapore Airlines Ltd has cut freighter flights and offered some pilots unpaid leave because of a demand slowdown.
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