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CX Booking Annihilated - To Cut Up To 33% Capacity  
User currently offlineSingapore_Air From United Kingdom, joined Nov 2000, 13744 posts, RR: 19
Posted (11 years 6 months 3 weeks 18 hours ago) and read 4489 times:

"Sadly, Cathay Pacific has now entered its most dangerous time in terms of its commercial future in the 26 years I have been involved with the company. We are presently planning to cut a quarter of our services from next week but I suspect that this will rise to around a third," said CEO David Turnbull.

The combination of the war on Iraq and the Severe Acute Respiratory Syndrome (SARS) spreading across Asia, "has annihilated our passenger bookings'."

Cathay Pacific has already cut 23% of flights (However, only 14% of capacity). "We are presently planning to cut a quarter of our services from next week but I suspect that this will rise to around a third," Mr. Turnbull said.

Mr. Turnbull also made a veiled attack on state-owned carriers too. "You will be reading daily about further bankruptcies in our industry. We have to remember that most carriers in our region will receive some form of support from their governments. As always, we have to depend upon our own resources for our own survival. All of us will have a role to play in helping each other get through these difficult times.''

More information at the Reuters / Yahoo website and the Standard (Hong Kong) website

Information was gathered from the above hyperlinked webpages. Full information can be viewed by clicking the above hyperlinked webpage.s Information was rephrased and not copied and pasted unlike others with the exception of quotes



Anyone can fly, only the best Soar.
28 replies: All unread, showing first 25:
 
User currently offlineN754pr From , joined Dec 1969, posts, RR:
Reply 1, posted (11 years 6 months 3 weeks 18 hours ago) and read 4448 times:

I wish I could see the smile on your face.........

User currently offline9V-SVA From Singapore, joined Aug 2001, 1860 posts, RR: 8
Reply 2, posted (11 years 6 months 3 weeks 18 hours ago) and read 4417 times:

Yes, someone is gloating over the fact that CX is having trouble! Obviously he has forgotton that SIA isn't much better as well.

9V-SVA



9V-SVA | B772ER
User currently offlineDocpepz From Singapore, joined May 2001, 1971 posts, RR: 3
Reply 3, posted (11 years 6 months 3 weeks 18 hours ago) and read 4407 times:

The pot calling the kettle black... hehe.

SIA is suffering too. Sad that Dr Cheong will have to leave when SIA is in its worse crisis ever. (Trust me, this is worse than Sept 11) I have no idea why the SIA shares are still not tumbling though


User currently offlineCX829 From , joined Dec 1969, posts, RR:
Reply 4, posted (11 years 6 months 3 weeks 17 hours ago) and read 4392 times:

Seems like Singapore_Air never misses a beat about CX's latest developments!

User currently offlineCX829 From , joined Dec 1969, posts, RR:
Reply 5, posted (11 years 6 months 3 weeks 17 hours ago) and read 4384 times:

.....but unfortunately, he's 6 hrs late in making this dup post. Check Bkkair's.


User currently offlineBeno From Australia, joined Aug 2002, 428 posts, RR: 4
Reply 6, posted (11 years 6 months 3 weeks 17 hours ago) and read 4367 times:

Does SQ recieve any help/hand outs from the Singapore Government?

User currently offlineRupertvander82 From France, joined Dec 2002, 411 posts, RR: 0
Reply 7, posted (11 years 6 months 3 weeks 17 hours ago) and read 4356 times:

No, I doubt if SQ receives any help from the government.

User currently offlineCx flyboy From Hong Kong, joined Dec 1999, 6618 posts, RR: 55
Reply 8, posted (11 years 6 months 3 weeks 17 hours ago) and read 4337 times:

Maybe you should rephrase to say you doubt if SQ receives any financial help from the government.

Preferential slots, ATC vectoring, taxi routings etc.. qualify as help in my book.


User currently offlineHkg82 From Hong Kong, joined Apr 2002, 1304 posts, RR: 1
Reply 9, posted (11 years 6 months 3 weeks 16 hours ago) and read 4336 times:

We’ve had a constant flow of bad news in Hong Kong ever since the SARS outbreak started, it doesn’t end does it?

The outbreak in Hong Kong has to peak eventually, but unfortunately no one really knows when that will happen. One can only make an educated guess.

I'm considering trying to get myself infected with this disease, while there are still enough medical resources to get treated. You know, going around licking elevator buttons, collecting used kleenex….. Big grin

(sorry bad joke)

Hkg82.



User currently offlineN754pr From , joined Dec 1969, posts, RR:
Reply 10, posted (11 years 6 months 3 weeks 15 hours ago) and read 4273 times:

cx flyboy,

Singapore never give preferential treatment to their own airline, just aircraft painted blue and gold  Smile/happy/getting dizzy



User currently offlineB-HOP From Hong Kong, joined Nov 2000, 646 posts, RR: 1
Reply 11, posted (11 years 6 months 3 weeks 15 hours ago) and read 4254 times:

HK trip postpned, told to find youself a job, maybe in HK X mas (if I have time)


Live life to max!!!
User currently offlineSingapore 777 From Australia, joined May 1999, 1015 posts, RR: 3
Reply 12, posted (11 years 6 months 3 weeks 14 hours ago) and read 4221 times:

For god's sake and for the good of everyone on this board, I believe he posted a similar thread about SIA cutting capacity too. Do a search on this forum and you can find it! There is at least one thread on SIA cutting flights. This S_Air bashing is getting wayyy out of hand!

User currently offline9V-SPK From Hong Kong, joined Aug 2001, 1646 posts, RR: 6
Reply 13, posted (11 years 6 months 3 weeks 13 hours ago) and read 4163 times:

People, please give S_Air a break. He's posting something that's true - FACT. And just like Singapore 777 said he DID mention route cuts and so.

Anyways back to the topic, CX will announce cuts within this week - and the reductions will be far above expected. It's no big deal, because when everything gets back on track the flights will resume. Right now CX is facing one of the hardest time. All of my friends I know in Sydney have cancelled trips back to HKG. And lots of people have same thoughts with them. The collegaues in HKG's travek agency told me that they have been doing refunds - probably 100% more than before? More and more cancellations everyday......unless this SARS gets under control things won't be that positive.

Best Regards


User currently offlineStarFlyer From Germany, joined Sep 2002, 987 posts, RR: 1
Reply 14, posted (11 years 6 months 3 weeks 7 hours ago) and read 3978 times:

I just feel sorry for CX. They're really bummed out!
On the other hand, thats whats interesting about the airline business - something unpredictable always seems to happen!



Yours truly - StarFlyer
User currently offlineCX829 From , joined Dec 1969, posts, RR:
Reply 15, posted (11 years 6 months 2 weeks 6 days 22 hours ago) and read 3840 times:

The airline business has certainly changed so drastically over the past decade. It takes a good management team to quickly respond to challenges and changes in the environment. I have no doubts that CX does have a good bunch of guys who know what they are doing, slash down the costs while maintaining the whole business plan (with lots of growth potential ahead). Once they have weathered the storm, they'll continue to become one of the fastest growing companies. Gotta look long term. No worries guys.

User currently offline9V-SVA From Singapore, joined Aug 2001, 1860 posts, RR: 8
Reply 16, posted (11 years 6 months 2 weeks 6 days 22 hours ago) and read 3848 times:

Docpepz, my mom is actually pissed that the stock prices are not tumbling! She wants to sell and make a profit. SPK and S 777, I did note that he made a post about route cuts, but judging from his previous behaviour towards CX, I wouldn't be suprised if he is gloathing about this.

Now is the worst time for any airline business, IMO.

9V-SVA



9V-SVA | B772ER
User currently offlineBusinessflyer From Singapore, joined Aug 2001, 288 posts, RR: 0
Reply 17, posted (11 years 6 months 2 weeks 6 days 21 hours ago) and read 3795 times:

9V-SVA,

I don't understand your comment about the stock price falling and your mother wanting to sell at a profit... is your mother shorting the stock or something?!


User currently offline9V-SVA From Singapore, joined Aug 2001, 1860 posts, RR: 8
Reply 18, posted (11 years 6 months 2 weeks 6 days 21 hours ago) and read 3781 times:

Businessflyer, my mom wants the stock price to go up so she can make a profit, and she's pissed that the prices are dropping or remaining steady as she wants to offload them!

9V-SVA



9V-SVA | B772ER
User currently offlineBusinessflyer From Singapore, joined Aug 2001, 288 posts, RR: 0
Reply 19, posted (11 years 6 months 2 weeks 6 days 21 hours ago) and read 3769 times:

9V-SVA...

oh ok... I thought that she was selling short and was wondering if that was possible with SQ stock. I have not been tracking SQ's stock price... what has it been doing recently... do you know?


User currently offline9V-SVA From Singapore, joined Aug 2001, 1860 posts, RR: 8
Reply 20, posted (11 years 6 months 2 weeks 6 days 20 hours ago) and read 3743 times:

Last I heard it was around S$ 9 something.

9V-SVA



9V-SVA | B772ER
User currently offlineSingapore_Air From United Kingdom, joined Nov 2000, 13744 posts, RR: 19
Reply 21, posted (11 years 6 months 2 weeks 4 days 18 hours ago) and read 3597 times:

Cathay Pacific has posted its first ever profit warning.

----
The Board of Directors of Cathay Pacific Airways Limited announces that its results for the first half of 2003 are expected to be materially adversely affected by the recent sharp fall in passenger demand for air travel caused by the Iraq war and widespread public concerns over the outbreak of atypical pneumonia in Hong Kong and other parts of the world.

After a strong start to the year Cathay Pacific's passenger load factors dropped sharply in the second half of March. The impact was felt across almost all routes, both long-haul and short-haul. The average number of passengers being carried by the airline per day is currently approximately one-third of that for the comparable period last year. Forward bookings are also very weak.

Airlines have responded to this sudden and unexpected collapse in passenger demand by reducing scheduled capacity. The Company currently plans to operate approximately two-thirds of the flights it originally scheduled for April and May, mainly by reducing frequencies whilst largely maintaining the network of points served.

On a more positive note, the cargo business remains largely unaffected to-date, with freighter services operating normally, although there may be some adverse impact from the reduction in belly capacity following the cutbacks to passenger services.

Management are taking other actions to minimise expenditures and conserve cash resources. Cathay Pacific has a strong balance sheet with adequate liquid funds on hand to meet foreseeable cashflow requirements.

The Board does not currently have a view as to how long the current weakness in travel demand will continue, and it is therefore not possible, at this stage, to quantify the potential impact on the Company's results.

Shareholders of Cathay Pacific and investors should exercise caution when dealing in the shares of the Company.

By Order of the Board
Cathay Pacific Airways Limited
----



Anyone can fly, only the best Soar.
User currently offlineN521NA From United States of America, joined Jul 2001, 517 posts, RR: 2
Reply 22, posted (11 years 6 months 2 weeks 4 days 7 hours ago) and read 3463 times:

N754pr aka hkgspotter1, I bet if someone other than S_Air posted this your response would have been different...

User currently offlineQantasAirways From Australia, joined Mar 2001, 1279 posts, RR: 3
Reply 23, posted (11 years 6 months 2 weeks 4 days 1 hour ago) and read 3384 times:

Singapore_Air is merely trying to inform us people.

I for one was interested to read the topic, and if you have nothing constructive to say, then don't say it at all.
He didn't make CX cut capacity!

Regards
QantasAirways



Spirit of Australia
User currently offlineBuckfifty From Canada, joined Oct 2001, 1316 posts, RR: 19
Reply 24, posted (11 years 6 months 2 weeks 3 days 22 hours ago) and read 3345 times:

In any case, all hiring obviously has been stopped. Further courses for the cadet program are being consolidated, and will be brought to Adelaide not until October.

People are encouraged to take unpaid leave now, and there has been no talk of lay-offs yet. Though I feel that sooner or later, that will probably come, unless if a turnaround can be seen by August.

Sad times for everyone in the industry, though. SARS or no SARS.


25 Post contains images Docpepz : "He didn't make CX cut capacity!" QantasAirways, Of course he was the sole cause for CX cutting capacity! How could you ever doubt that??????
26 Oxygen : Just then there were news in Hong Kong saying that Cathay Pacific is considering suspending ALL flights temporarily if the passenger loads keep on fal
27 N754pr : N521NA, Another 13-15 year old that has no idea what he's talking about .... great. Singapore_Air, Its strange how you post the same old news over and
28 9V-SPK : N754pr, oh please will you grow up and shut up (At least for now) if you hate SQ. S_Air is only posting stuff as I mentioned so give him a break. If y
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