cathay pledges to slash staff costs
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Cathay pledges to slash staff costs

Arab Today, arab today

Arab Today, arab today Cathay pledges to slash staff costs

A Cathay Pacific Boeing 777 passenger aircraft
Hong Kong - Arab Today

Hong Kong’s troubled flagship airline Cathay Pacific said Friday it would slash staff costs by 30 percent as part of a major overhaul as it struggles to repair its bottom line.
The announcement came two days after the firm posted its first annual net loss in eight years, saying it had been hit by intense competition and a drop in demand from business travelers.
Cathay had already revealed its biggest shake-up in 20 years in January, saying some jobs would go but providing little detail.
Analysts had said the company needed to reveal more about its restructuring plans to encourage investor confidence. Its stocks in Hong Kong closed up 1.44 percent Friday after the latest news.
Cathay said middle and senior management at its Hong Kong head office would be targeted, although it gave no further indication of how many jobs could be axed.
“It is clear that there is a need for an organizational structure that will allow the Cathay Pacific Group to succeed,” it said in a statement.
The firm added that it was seeking to create a “leaner, simpler structure” and that management changes would be announced in June.
The move is part of a three-year “transformation program” designed to breathe new life into the airline.
Cathay has been struggling despite an expansion of international air travel in the region as lower cost carriers eat into its market share.
The airline is also losing premium travelers as it comes under pressure from Middle East rivals that are expanding into Asia and offering more luxury touches.
That has led to promotional prices for Cathay’s top tickets as they are sold to leisure travelers. Its $74 million net loss in 2016 reversed a $773 million profit in the previous year, with chairman John Slosar warning 2017 would be similarly “challenging.”
It was the firm’s first annual loss since 2008 at the height of the financial crisis.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cathay pledges to slash staff costs cathay pledges to slash staff costs

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cathay pledges to slash staff costs cathay pledges to slash staff costs

 



GMT 06:41 2017 Tuesday ,12 December

'The Shape of Water' leads Golden Globes nominations

GMT 18:57 2016 Friday ,04 November

Historic climate pact enters into force

GMT 15:49 2017 Monday ,27 March

Moroccan Economy to Improve in 2017

GMT 17:30 2017 Saturday ,18 March

Erdogan hits out at Dutch over Srebrenica massacre

GMT 16:40 2012 Wednesday ,16 May

Egyptian actors morph into characters

GMT 23:39 2017 Tuesday ,21 November

Mohamed bin Zayed receives artists participating

GMT 15:28 2017 Monday ,10 April

Bangladesh militants to be hanged soon

GMT 20:40 2017 Tuesday ,11 April

Gunmen storm house of Libyan CB governor

GMT 12:38 2017 Wednesday ,15 November

Bill Gates giving $50 million for Alzheimer's research

GMT 06:03 2015 Thursday ,13 August

NBCUniversal pumps $200m into Vox Media

GMT 08:43 2017 Wednesday ,27 December

Minister discusses electricity, water services with MP

GMT 10:58 2017 Wednesday ,08 November

Al-Azhar's imam meets pope, vows to fight terrorism

GMT 23:43 2017 Wednesday ,04 October

UN: Half a million Rohingya arrive in Bangladesh

GMT 04:40 2017 Thursday ,19 January

Masdar signs agreement with two Qatari power companies

GMT 06:09 2016 Wednesday ,28 September

Households' cash surplus in S.Korea drops on home purchase
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday