Cathay refuses to comment on reports about possible restructuring

Business | 8 May 2020 7:27 pm

A spokesman of Cathay Pacific Airways (0293) declined to comment on market rumors about a possible restructuring of the carrier.

Local media reported today that the airline operator was planning to scrap the operation of Cathay Dragon and merge the branch with HK Express, to form a new company Cathay Express, citing market sources. Cathay Pacific also planned to lay off staff and cut 30 percent of the salary of its pilots, sources said.

The spokesman said the company had predicted that business and leisure traveling demand would be under pressure for a period of time, and the company will not rule out any measures to ensure its airline business could get through the crisis.

Shares of the local flag carrier climbed 1.22 percent, or 11 HK cents, to close at HK$9.12.

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