Cathay Pacific Airways will re-evaluate and reassign jobs, part of a strategy to reverse a three-year earnings slide and revive one of Asia’s worst performing airline stocks of 2016.
Cathay Pacific this week is expected to announce a major shake-up of its business to counter growing competition from Chinese carriers.
Cathay Pacific will re-evaluate and reassign jobs, part of a strategy to reverse a three-year earnings slide and revive one of Asia’s worst performing airline stocks of 2016.
Hong Kong’s biggest airline will make “the right long-term decisions” to prepare it and its Cathay Dragon unit for a “challenging and competitive environment ” in 2017, chief operating officer Rupert Hogg told the South China Morning Post.
The Hong Kong airline is under pressure to combat aggressive state-supported mainland carriers, and to position itself against an "open skies" deal signed between China and Australia.
Cathay scrapped its second-half profit forecast in October and announced a review of its business. The December edition of Cathay's staff magazine, seen by Reuters, reported chief executive Ivan Chu would unveil the results on January 18.