Apple Daily 8 May - Cathay to freeze headcount, cut costs
May 15, 2012, 10:04 pm
#46
FlyerTalk Evangelist
Join Date: Jan 2007
Location: BOS/UTH
Programs: AA LT PLT; QR GLD; Bonvoy LT TIT
Posts: 12,780
This claim has been made in the past by this same poster and ultimately debunked (in another FT thread) as something the poster fabricated, along with most of his other complaints about CX.
May 16, 2012, 3:41 am
#47
FlyerTalk Evangelist
Join Date: Aug 2009
Location: ZOA, SFO, HKG
Programs: UA 1K 0.9MM, Marriott Gold, HHonors Gold, Hertz PC, SBux Gold, TSA Pre✓
Posts: 13,811
I never made up of anything at all. BTW - as far as I can recall, not 1 FA, but 3 FAs in fact said the exact same thing to me.
May 16, 2012, 5:31 am
#48
Join Date: Oct 2011
Location: Sydney, Australia
Programs: CX GO by flying, ex-QF PS, AMEX Platinum, CA & KrisFlyer Nobody
Posts: 525
Whether such a push is reasonable/ethical or not is subjective - I won't get surprised FAs said so to you.
May 16, 2012, 10:08 am
#49
FlyerTalk Evangelist
Join Date: May 2000
Location: Little dot in Asia
Programs: AA-EP, TK-*G, HL-DM, HY-GLO, MR-LTP
Posts: 25,932
Really.. enough of this bantering, please!
Either keep on the topic or else we shall close the thread...
Thank you
Guy Betsy
Cathay Pacific Asia Miles forum co-mod
Either keep on the topic or else we shall close the thread...
Thank you
Guy Betsy
Cathay Pacific Asia Miles forum co-mod
May 21, 2012, 4:12 am
#50
FlyerTalk Evangelist
Join Date: Jan 2007
Location: BOS/UTH
Programs: AA LT PLT; QR GLD; Bonvoy LT TIT
Posts: 12,780
Another point of view:
As much as I am accustomed to flying AA and enjoy the NRT routing, nothing compares to flying F or even J on CX. (15+ hours with CX FAs who actually love what they do and show it, as opposed to what you'll encounter on a consistent basis with AA, and you'll understand why.)
May 22, 2012, 2:03 pm
#51
Join Date: Feb 2012
Posts: 110
Senior management changes at Cathay Pacific
15 May 2012
Cathay Pacific today announced the appointment of Ms Chitty Cheung as Director Corporate Affairs.
Ms Cheung will take over from Ms Quince Chong who will be leaving the company to take up a position in another industry.
May 23, 2012, 12:57 am
#53
Suspended
Join Date: May 2006
Location: HKG
Programs: A3, TK *G; JL JGC; SPG,Hilton Gold
Posts: 9,952
May 29, 2012, 6:44 pm
#54
Ambassador, Hong Kong and Macau
Original Poster
Join Date: May 2009
Location: HKG
Programs: Non-top tier Asia Miles member
Posts: 19,807
This is an official 'profit warning' announced through HKEx. I don't believe a major listed company will make things up.
If you look at SQ's annual results announced today, you'll see similar lines - yield under pressure (esp Europe and NA), weak cargo demand, high fuel cost.
If you look at SQ's annual results announced today, you'll see similar lines - yield under pressure (esp Europe and NA), weak cargo demand, high fuel cost.
http://static.sse.com.cn/cs/zhs/scfw..._1.pdf#page=11
I'm trying to reverse engineer CX's profit for 2012 Q1. I've made use of certain ratios in CA's annual report http://static.sse.com.cn/cs/zhs/scfw...111_2011_n.pdf and CX's annual report http://www.hkexnews.hk/listedco/list...0120403479.pdf
(From CA Q1) Share of associates and jointly controlled entities: RMB5.140M
(From CA annual) ~80% of that is CX: RMB4.112M
Translate to HKD at $1.23M/RMB: $5.058M
CA only holds 30% of CX, so inflate to 100% of CX: $16.86M
CA's share of CX profit excludes CX's share of CA profit, so add it back: RMB239.071M x 1.23 x 20% (CX ownership of CA) x 0.9 ((from CX annual) CA's contribution to CX's associate and JCE profit) = $52.93M
Profit of CX attributable to CX shareholders for Q1: $71.79M
Profit of CX attributable to CX shareholders for 2012 (Q1 x 4) = $287.16M
(Audited profit for 2011: 5,501M, 2010: 14,048M)
The amount is much less if you exclude CX's share of CA:
2012 estimate: $67M
2011 audited: $3,488M
2010 audited: roughly $11,905M (CA not separately disclosed in 2010 AR)
Jul 10, 2012, 7:43 am
#55
FlyerTalk Evangelist
Join Date: Oct 2011
Location: Anywhere I need to be.
Programs: OW Emerald, *A Gold, NEXUS, GE, ABTC/APEC, South Korea SES, eIACS, PP, Hyatt Diamond
Posts: 16,046
http://inews.mingpao.com/htm/INews/2...0/gb41147a.htm
CX says there's almost no profit on their long haul flights
CX says there's almost no profit on their long haul flights
Both require a connection, so it is fair.
Jul 16, 2012, 2:16 pm
#56
Join Date: Jul 2012
Posts: 20
last week i back from Sydney. I was upgraded to PEY. It was a full load flight and I was surprised that NO dedicated cabin crew working in PEY!! The whole Left hand side aisle only had 2 cabin crew serving from the first row of PEY to the last row of Y!! Right hand side of the cabin also the same. I oberseved that the crew had NO TIME to take care PEY as there are many Y class passengers waiting for them. It's not the crew's fault. Just the CX management hv some problems......
poor CX crew!
Jul 17, 2012, 1:19 pm
#57
Ambassador, Hong Kong and Macau
Original Poster
Join Date: May 2009
Location: HKG
Programs: Non-top tier Asia Miles member
Posts: 19,807
http://www.hkexnews.hk/listedco/list...0120717399.pdf
I. ESTIMATED RESULTS FOR THE PERIOD between 1 january 2012 to 30
june 2012
1. According to the preliminary estimation of the finance department of Air China Limited (the “Company”), the net profit attributable to equity holders of the Company for the period from 1 January to 30 June 2012 is expected to decrease by more than 50% compared to that of the corresponding period in 2011. Detailed financial information will be disclosed in the 2012 interim report of the Company (the “2012 Interim Report”).
2. The estimated results have not been audited by the Company’s certified public accountants.
II. RESULTS FOR THE CORRESPONDING PERIOD in 2011 (1 JANUARY 2011 TO 30 JUNE 2011)
1. Net profit attributable to equity holders of the Company: RMB4,063 million
2. Earnings per share: RMB0.33
III. MAJOR REASONS FOR THE CHANGE TO THE ESTIMATED RESULTS
During the period from 1 January to 30 June 2012, the operating results of the Company decreased comparing to the corresponding period in 2011 due to various factors including, among others, the slowdown in the growth of demand in the PRC aviation industry, the continued depression of demand in the international aviation market and the year-on year growth in the price of jet fuel. In addition, compared to the significant appreciation of Renminbi against US dollars in the corresponding period in 2011, the exchange rate
of Renminbi remained relatively stable during 2012. As a result, the Company enjoyed significantly lower foreign exchange gain compared to that of the corresponding period in 2011.
We sort of already knew this, after release of CA's Q1 financials on 26 April (84% decrease in profits http://static.sse.com.cn/cs/zhs/scfw..._1.pdf#page=12)
Jul 17, 2012, 4:41 pm
#58
Join Date: May 2009
Posts: 6,978
With 4 cabins and people paying two and a half time as much to sit in Y+, there should be permanent Y+ cabin crew. Maybe 3 total assigned, but there should be more. Could be cost-cutting in advance - CX is seeing if they can get away with the same amount of crew but service in Y+ is bound to be crappy.
Jul 18, 2012, 3:48 pm
#59
Join Date: Feb 2012
Posts: 110
With 4 cabins and people paying two and a half time as much to sit in Y+, there should be permanent Y+ cabin crew. Maybe 3 total assigned, but there should be more. Could be cost-cutting in advance - CX is seeing if they can get away with the same amount of crew but service in Y+ is bound to be crappy.
You can say that again, we saved and they lost. We did not fly anywhere this summer.
Is this fare price discrimination? Noted that for the same day flight out of Toronto compared to New York for the same class there is a $400 higher difference in the lowest base fare flying out of YYZ although the milage is more from New York to HK. The surcharges are almost same (only couple of dollars difference). US$ and CAD$ are within par.
Last edited by travelbug38; Aug 8, 2012 at 3:47 pm
Aug 8, 2012, 12:20 am
#60
Ambassador, Hong Kong and Macau
Original Poster
Join Date: May 2009
Location: HKG
Programs: Non-top tier Asia Miles member
Posts: 19,807
2012 interim results announced: loss of $935M
http://www.hkexnews.hk/listedco/list...073.pdf#page=7
7.7% fall in share price after announcement http://www.aastocks.com/tc/ltp/rtquo...x?symbol=00293
"unexpected loss because of a slump in cargo demand, higher fuel costs and waning premium travel" http://www.bloomberg.com/news/2012-0...ffiliates.html
In other news: 16 more A350-9s converted to A350-10s, and 10 A350-10s are bought http://www.hkexnews.hk/listedco/list...0120808085.pdf
7.7% fall in share price after announcement http://www.aastocks.com/tc/ltp/rtquo...x?symbol=00293
"unexpected loss because of a slump in cargo demand, higher fuel costs and waning premium travel" http://www.bloomberg.com/news/2012-0...ffiliates.html
In other news: 16 more A350-9s converted to A350-10s, and 10 A350-10s are bought http://www.hkexnews.hk/listedco/list...0120808085.pdf
Last edited by percysmith; Aug 8, 2012 at 10:49 pm