Hong Kong airline Cathay Pacific has said it expects performance to improve further in the second half of financial 2010 after reporting record profits for the past six months. The buoyant airline has also confirmed the order of 30 aircraft from Airbus, while exercising an option to acquire a further six from Boeing.
Passengers departing on Cathay Pacific flights from London to Hong Kong can enjoy greater comfort and convenience following the opening of the airline’s new First Class and Business Class Lounges located at the central concourse at London Heathrow Airport.
Cathay Pacific Airways is set to become the first airline in Asia to offer full broadband services on all flights following a deal with Panasonic. The pair have signed a memorandum of understanding for the provision of services, with passengers now expecting to access the Panasonic Avionics’ Global Communications Suite from 2012.
Cathay Pacific Airways will be introducing a new range of travel kits for Business Class passengers travelling long haul from mid-May onwards, featuring a new design by renowned French fashion brand agnès b., with products from two leading US skin care companies - Murad and Dermalogica.
Virgin Atlantic faces an Office of Fair Trading investigation into its pricing strategy for passengers on its London to Hong Kong service, following a Cathay Pacific decision to blow the whistle on alleged price collusion on the route. Virgin denies the allegations and plans to a “robust” defence.
Cathay Pacific has seen a sharp increase in share prices this morning, following the release of better than expected financial results for 2009. Cuts in capacity, fuel hedging gains and the sale of a stake in the Hong Kong Aircraft Engineering Company have all bolstered performance.
Cathay Pacific now enables Economy Class passengers to reserve seats with extra leg room for an additional charge.
I have lost track of what trip I am reviewing as I have consumed a lot of Cathay Pacific business class in the last few months. I have taken trips to Rome (via Hong Kong) and Tokyo and Seoul (with a CX leg care of a oneworld circle Pacific fare).
China’s flag carrier Air China has raised its stake in Cathay Pacific from 17.5% to 29.99% - just below the takeover threshold – in a deal worth HK$6.3bn (US$813m).
Fuel-hedging gains have helped Cathay Pacific swing into profit for the first half of 2009, despite a 27 percent slump in revenue. The airline reported a net profit of HK$812m (US$104.8m) for January-June, compared with a loss of HK$760m a year earlier.
Cathay Pacific has rounded off a cruel week for aviation by announcing that it is reducing capacity and asking staff to take unpaid leave as both passenger and cargo divisions continue to slide sharply.Revenue from passenger and cargo fell 22.4 percent in the first quarter compared to last year. The Hong Kong carriers said it plans to cut passenger capacity by 8 percent from next month, whilst its China offshoot Dragonair will undergo a 13 percent cut. Cargo will be reduced by 11 percent.
The Cathay Pacific Group has reported an attributable loss of HK$8,558 million in 2008, compared to a profit of HK$7,023 million the previous year. The 2008 result is a record annual loss for the airline.