13th month should be no problem, given how CX management can squander money on fuel hedging contracts and how the very people who were responsible for overseeing the company then are still in charge, in fact have been promoted.
A reminder of the hedging losses of the last 4.5 years (source: annual business reports)
2014: HKD 911.000.000
2015: HKD 8.474.000.000
2016: HKD 8.456.000.000
2017: HKD 6.377.000.000
2018: HKD 653.000.000 (only first 6 months)
Total 2014-2018: 23.960.000.000 USD 3.064.000.000
Yep that’s on average about +USD 1.8 Million per day for 4.5 years on fuel hedging losses alone !
Total # Stuff by end of 2017: 28.000
Had CX management not gone down to the fuel hedging casino they would be no worse off if they had paid every staff member a bonus of HKD 855.000 (USD 109.000).
13th month is peanuts compared. …… if you can afford to gamble the house away, you can afford to take the wife for dinner !
I am sure there is logic somewhere in the above, even though I cannot really see it myself. It is however the same skewed logic used in the 2018 interim report where CX states that they had a “79.8% decrease in fuel hedging losses” …… well done chaps, we are proud of you !