SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 3:46 pm

"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.
 
N754PR
Posts: 2909
Joined: Mon Oct 04, 1999 10:03 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 3:54 pm

I wish I could see the smile on your face.........
Bush, your a sad, sad man.
 
9V-SVA
Posts: 1747
Joined: Wed Aug 29, 2001 3:54 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 4:38 pm

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
 
docpepz
Posts: 1706
Joined: Thu May 24, 2001 8:20 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 4:41 pm

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
 
CX829
Posts: 126
Joined: Thu Mar 28, 2002 3:00 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 4:52 pm

Seems like Singapore_Air never misses a beat about CX's latest developments!
 
CX829
Posts: 126
Joined: Thu Mar 28, 2002 3:00 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 4:54 pm

.....but unfortunately, he's 6 hrs late in making this dup post. Check Bkkair's.
 
Beno
Posts: 422
Joined: Wed Aug 28, 2002 6:52 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 5:07 pm

Does SQ recieve any help/hand outs from the Singapore Government?
 
rupertvander82
Posts: 400
Joined: Tue Dec 24, 2002 10:19 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 5:24 pm

No, I doubt if SQ receives any help from the government.
 
CX Flyboy
Posts: 6056
Joined: Sun Dec 26, 1999 6:10 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 5:37 pm

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.
 
hkg82
Posts: 1304
Joined: Fri Apr 05, 2002 4:24 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 5:46 pm

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.

 
N754PR
Posts: 2909
Joined: Mon Oct 04, 1999 10:03 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 6:48 pm

cx flyboy,

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

Bush, your a sad, sad man.
 
B-HOP
Posts: 722
Joined: Wed Nov 22, 2000 8:09 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 7:15 pm

HK trip postpned, told to find youself a job, maybe in HK X mas (if I have time)
Live life to max!!!
 
Singapore 777
Posts: 980
Joined: Sat May 29, 1999 3:00 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 8:00 pm

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!
 
9V-SPK
Posts: 1576
Joined: Thu Aug 16, 2001 11:53 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Tue Apr 08, 2003 9:03 pm

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
 
StarFlyer
Posts: 929
Joined: Thu Sep 12, 2002 10:07 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 3:29 am

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
 
CX829
Posts: 126
Joined: Thu Mar 28, 2002 3:00 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 11:52 am

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.
 
9V-SVA
Posts: 1747
Joined: Wed Aug 29, 2001 3:54 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 11:52 am

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
 
Businessflyer
Posts: 280
Joined: Thu Aug 30, 2001 4:23 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 1:06 pm

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?!
 
9V-SVA
Posts: 1747
Joined: Wed Aug 29, 2001 3:54 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 1:11 pm

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
 
Businessflyer
Posts: 280
Joined: Thu Aug 30, 2001 4:23 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 1:21 pm

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?
 
9V-SVA
Posts: 1747
Joined: Wed Aug 29, 2001 3:54 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Wed Apr 09, 2003 1:47 pm

Last I heard it was around S$ 9 something.

9V-SVA
9V-SVA | B772ER
 
SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Fri Apr 11, 2003 4:10 pm

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.
 
n521na
Posts: 457
Joined: Mon Jul 09, 2001 6:51 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Sat Apr 12, 2003 2:43 am

N754pr aka hkgspotter1, I bet if someone other than S_Air posted this your response would have been different...
 
QantasAirways
Posts: 1242
Joined: Thu Mar 15, 2001 2:55 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Sat Apr 12, 2003 9:06 am

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
 
buckfifty
Posts: 1278
Joined: Tue Oct 16, 2001 4:05 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capa

Sat Apr 12, 2003 12:06 pm

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.
 
docpepz
Posts: 1706
Joined: Thu May 24, 2001 8:20 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Sat Apr 12, 2003 12:09 pm

"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??????
 Smile/happy/getting dizzy  Smile/happy/getting dizzy
 
oxygen
Posts: 633
Joined: Tue Sep 14, 1999 12:27 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Sat Apr 12, 2003 9:25 pm

Just then there were news in Hong Kong saying that Cathay Pacific is considering suspending ALL flights temporarily if the passenger loads keep on falling.

Who could have expected that ? Last month everything looks good for CX - great profit, Skytrax Airline of the year, and Barron's Online is highly recommending CX Stock and described CX as a 'rare bird'. Now Just a month later, Cathay loads are down to 30% with nearly a dozen of planes grounded AND considering cutting all flights...

Hope that the Hong Kong will overcome this soon.....
 
N754PR
Posts: 2909
Joined: Mon Oct 04, 1999 10:03 pm

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Sat Apr 12, 2003 9:30 pm

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 over again about CX let you never mention KA?, an airline in even worse condition then Cathay...... I assume that as Cathay are one of the only airlines that have better service then SQ and far better pilots this is the reason for the continued posts.

Anyway, I know the truth and I see serious troubles for Cathay. If you think SQ are going to get past all this then your wrong.



[Edited 2003-04-12 14:31:08]
Bush, your a sad, sad man.
 
9V-SPK
Posts: 1576
Joined: Thu Aug 16, 2001 11:53 am

RE: CX Booking Annihilated - To Cut Up To 33% Capacity

Sun Apr 13, 2003 12:37 am

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 you think CX is the best okay fine whatever think what you like, he never said SQ was the best (Even he thinks so) but he's never been arrogant. And he DEFINETEY knows how bad SQ is suffering. And I assume you've never flown SQ? If you have...bad luck for you on those flights.

Can't we just focus back on the problems? Airlines in Asia are facing the most serious crisis EVER I can say, CX is having a big problem, SQ is having problems, also QF and other airlines too. Who cares how worse the situation is, I only care when everything's getting back on track, and this is something we cannot control. There's no point in arguing now, let's just hope that every airline will get back on track no matter the airline we like (SQ, CX) or we hate (CI I assume?). As an aviation enthusiast I don't want any airline to vanish into dust, especially CX and SQ, one's my home-based airline, one's my favourite airline as I've flown tonnes of times with them. Just pray that everything will get back on track one day and pray for the staff and everyone. I Understand how low the morale is but that's the only thing we can do.

Best Regards


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