I'll summarize...
The fuel gambling has not only lost billions of HKDs, it has put CX at a massive competitive disadvantage against the competition which is fueled by mainland windfalls and low cost carrier models. The competitors smell blood in the water.
CX has unwisely decided to trim the edges around the inflight product which makes a once superior service less attractive. Nobody pays a premium for average. So load factor and yield both go down while costs (due to fuel gambling) remain high. Couple this with the industry changing impact the 787 has on long haul markets, and it is little wonder CX is struggling.
People are bypassing big hubs like HK because they are simply inconvenient and risky for delays. For example, Xiamen Airways flies ZGSZ - KSEA with a 787. Why would anyone in their right mind pay a premium to go through YVR or SFO to end up in HK? China Southern is taking 777-300ERs and just announced a big order for 787-9s. Those will fly out of ZGGG. This is occurring all around Asia as carriers can fill 787s and operate them direct to Western cities. Even US carriers are getting in on the action and operating 787 to new destinations previously served only via connections. Will CX's A350s answer this challenge or will they simply be used to reduce seats on routes where market share has already been lost?
Meanwhile, CargoLux is aggressively pursuing CX's Pacific routes from HK and taking aircraft CX loses off lease. Belly cargo yield is down as new services offer a glut of space and direct routing. What is the CX response? Piss off all the hard working and once loyal employees! There is an original and creative remedy.
I seriously wonder if anyone on the 9th floor has the first clue what the hell they are doing. Swires, where are you? Your cash cow is being gored while Chinese Nero (Ivan) fiddles. He is rebranding, as if the paint schemes and logos at CX/KA are the problem. Not even close Ivan the Invisible. Save some face Chu! Step down while there is still an airline for someone else to save, somebody who has the skill and know how to get the job done.