Leaning on its SARS experience, Hong Kong's Cathay Pacific Airways Ltd |029...
Local rival Hong Kong Airlines is on the brink of financial collapse, according to analysts, which could benefit Cathay in the long run.
“We don’t know how long this will last,” Cathay chief executive Augustus Tang told staff in a video last week seen by Reuters. “With such an uncertain outlook, preserving our cash is now the key to protecting our business.” Cathay already in November deferred the delivery of four Airbus SE narrowbodies because of the downturn associated with the protests. The airline said at the time it had planned to receive 17 new planes from Airbus this year, 7 of them A350 widebodies.
Cathay has cut 90% of its passenger flights to mainland China and 30% of capacity across its global network through the end of March.
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