Of course they didn’t that’s why no one was fired , Who knows how much they pay for fuel or who the intermediary third party is between the company and the fuel company . But you can bet it’s a Swire entity . That way you suck the profits from Cathay and fill the Swires coffers whilst at the same time crying poverty , charging the passengers a fuel excess and keeping the pesky pilots in line .
Cathay with much wringing of hands “ we would love to grant you all a pay rise ,but sadly with all the money lost from the fuel hedging there simply isn’t anything left in the kitty to give ‘“