|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||4.6911 - 4.7500|
|52-week range||4.5000 - 5.7600|
|Beta (5Y monthly)||0.84|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||12 Aug 2020|
|1y target est||N/A|
The airline also intends to pay all future preference shares dividends as they fall due, it said. Cathay Pacific also said it would not need to utilise the HK$7.8 billion bridge loan facility extended to it by the HKSAR government, which is set to expire on Thursday. The Hong Kong government had made investments in Cathay Group to support the flagship carrier and the Hong Kong international aviation hub through the COVID-19 crisis.
Investors hoping to cash in on a boom in Chinese travel after nearly three years of pandemic lockdowns are shifting into airports, hotels and duty-free operators and away from airlines subject to fluctuating fuel prices and more intense competition. The first wave of bullishness as China began abandoning its zero-COVID policy in December lifted airline stocks and online travel agencies like Trip.com Group Ltd. But with global airlines being slow to add capacity to connect China with the U.S. and Europe and Chinese travellers preferring trips closer to home, a new set of stocks is benefiting.
Malaysia's AirAsia plans to take on lease 15 additional aircraft to meet travel demand from China now that it has reopened its borders, the CEO of the budget carrier's parent company Capital A said. "We are so bullish on growth that we're in negotiations now to sign 15 new aircraft from lessors," Tony Fernandes told Reuters on the sidelines of an event. Fernandes said that Capital A now has three tailwinds: strengthening Asian currencies, prices of oil falling from their peaks, and China's reopening.
Malaysia's Capital A will combine its AirAsia budget airline business with long-haul offshoot AirAsia X as part of a corporate restructuring designed to shed its status as a financially-distressed firm, CEO Tony Fernandes said. Capital A, headed by Fernandes, will retain the digital, logistics and aviation services businesses, while AirAsia X will be renamed AirAsia Aviation and be led by long-time executive Bo Lingam under the plan.
"Overall we have enough long-haul aircraft to fulfil Cathay Pacific's growth plan," Chief Customer and Customer Officer Ronald Lam said during an analyst briefing, citing existing orders for Airbus SE A350 and Boeing Co 777X planes. Lam said the focus would be on acquiring more medium-haul jets to operate in the Asia-Pacific region as well as dedicated freighters, though he did not provide the numbers or types being considered.
Cathay Pacific Airways Ltd will increase base pay by an average of 3.3% in 2023 and offer bonuses worth the equivalent of one month's salary to Hong Kong-based staff meeting performance targets, its CEO said in a memo on Monday. "We have moved from 'survival' to 'recovery' and I am so grateful for the collective efforts of all of you as we work together to regrow Cathay," outgoing CEO Augustus Tang said in a message to staff seen by Reuters. At Cathay, pilot attrition has been higher than normal after more than two years of onerous quarantine norms, combined with permanent pay cuts of as much as 58% made in 2020.
Hong Kong's Cathay Pacific Airways Ltd said on Monday it expected to operate 70% of its pre-pandemic passenger flight capacity by the end of 2023, up from a planned 33% by the end of 2022, as it pressed ahead with recruitment and training. The airline said it aimed to make a return to full pre-pandemic passenger flight capacity by the end of 2024. Cathay last week announced long-serving executive Ronald Lam would take over as chief executive on Jan. 1 as it scrambles to return aircraft from storage and add 4,000 staff over the next 18 to 24 months to meet rising travel demand after Hong Kong lifted quarantine rules.
The airline said it aimed to make a return to full pre-pandemic passenger flight capacity by the end of 2024. Cathay last week announced long-serving executive Ronald Lam would take over as chief executive on Jan. 1 as it scrambles to return aircraft from storage and add 4,000 staff over the next 18 to 24 months to meet rising travel demand after Hong Kong lifted quarantine rules. Rival Singapore Airlines Ltd has made a much quicker recovery, with passenger capacity set to reach 81% of pre-pandemic levels by the end of this year.
(Reuters) -Long-serving executive Ronald Lam will take over as chief executive of Hong Kong's Cathay Pacific Airways Ltd from Jan. 1, the airline said on Wednesday, as it scrambles to rebuild capacity after the coronavirus pandemic. Now that the Asian financial hub has scrapped onerous hotel quarantine rules, the airline is looking to build up passenger numbers. Lam will lead Cathay through its recovery from the COVID-19 pandemic, and the launch of a third runway in Hong Kong, as well as overseeing a dual-brand strategy with low-cost carrier HK Express, Chairman Patrick Healy said in a statement.
(Reuters) -Hong Kong's Cathay Pacific Airways Ltd will resume using Russian airspace on some flights, the Hong Kong-based airline said on Sunday, restarting flights it had stopped after Moscow invaded Ukraine in February. Cathay Pacific will begin flying from New York to Hong Kong using the popular "Polar route" from Tuesday, the company told Reuters in an emailed statement. Citing strong headwinds and payload issues affecting its flights from the East Coast of North America to Hong Kong, Cathay Pacific said it will overfly the far eastern part of Russia.
The airline said several factors contributed to the decision, including the closure of Russian airspace that made flight times between one to two hours longer.
Qatar Airways has been named the world’s best airline at the Skytrax World Airline Awards 2022, while Singapore Airlines is in second spot.
The onerous crew quarantine rules had made rostering difficult and were a major impediment to the airline returning to more normal operations. Cathay's passenger capacity was at just 12.4% of pre-pandemic levels in the month of July, although its cargo capacity was at 51% in part because cargo crews were no longer required to quarantine. Before the passenger crew rules were lifted, Cathay forecast it would reach 25% of pre-pandemic capacity by the end of the year.
Asian airline stocks are by far the best performers among global peers this year, racking up gains as most of the region reopens for travel.
By Ambar Warrick
HONG KONG (Reuters) -Cathay Pacific Airways Ltd said Hong Kong's strict COVID rules for air crew were crimping the airline's ability to exploit rising demand for travel, even as its first-half loss narrowed to HK$5 billion ($636.98 million). The carrier is falling behind traditional rival Singapore Airlines Ltd (SIA) in restoring international capacity as roster preparations are complicated by a quarantine requirement for Hong Kong-based crew of passenger planes to spend three nights in hotels on their return from each trip.
Airlines have cancelled flights to Taipei and rerouted others to avoid airspace nearby that has been closed to civilian traffic during Chinese military exercises sparked by U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan. China deployed scores of planes and fired live missiles near Taiwan on Thursday in its biggest-ever drills in the Taiwan Strait, set to run until noon local time (0400 GMT) on Sunday in six zones encircling much of the island.
Some airlines have cancelled flights to Taipei and rerouted others using nearby airspace that has been closed to civilian traffic during Chinese military exercises sparked by U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan. China deployed scores of planes and fired live missiles near Taiwan on Thursday in its biggest-ever drills in the Taiwan Strait, set to run until noon local time (0400 GMT) on Sunday in six zones encircling much of the island. The airspace involved is comparatively small, but the disruption is hampering travel between Southeast Asia and Northeast Asia.
Singapore will resume operations of the fourth terminal at its main airport on Sep. 13, the Changi Airport Group (CAG) said on Friday, as the Southeast Asian travel hub recovers from the more than two years of COVID-19 pandemic-induced disruptions. Sixteen airlines, including Cathay Pacific, AirAsia and Vietnam Airlines, will relocate to the terminal progressively, the statement added. The city-state had earlier announced in May that it will resume building a fifth terminal at its Changi Airport as regional and global air and passenger traffic rebounds from the pandemic.
Per Sabre's (SABR) latest agreement with Cathay Pacific Airways, the airline leverages Sabre's Beyond NDC solution contents to enhance retailing capabilities and offer personalized solutions.
Cathay Pacific Airways, battered by strict quarantine rules that have led to a 98% fall in passenger numbers, is preparing to bring back more planes to rebuild Hong Kong's hub status as restrictions ease, the airline's chief executive said. "We have about one-third of our passenger fleet still parked in the desert, not being utilised," Cathay Chief Executive Augustus Tang told Reuters on the sidelines of an airline industry gathering in Doha. Rival Singapore Airlines has seen a surge in demand since Singapore's quarantine rules eased.