The 30%
To the 30%, as you've come to be known, there is something the Chairmen and Directors of this company are not telling you. Something they will not tell you.
Make no mistake, it's too late to save you. That time has passed. It's been passing us by for 15 years since Chinese carriers started merging and ordering record numbers of aircraft. China Southern just over the border is the largest airline in Asia with 523 aircraft.
It's been passing us by since talks began in 2008 to establish Cross-Straight transportation. During 20 years of explosive growth of the Middle Eastern carriers. While partnerships were formed between Chinese carriers and both American and European carriers launching direct service between them. And all the while, we've done...nothing.
Our only action has been to cut around the edges in meaningless ways, not really committing to remaining a premium airline, but not a low cost carrier either. Ordering substandard interior fittings over and over again. Let's create our own EFB! Remember the salt and pepper?
And don't bother telling me again that our fuel gamble is not the problem, that there are long term structural changes in our industry. No kidding, we've all been reading about them for decades as mentioned above. Fuel gambling is THE problem for the 30%. To deny or belittle the impact of the fuel losses is an insult to them. Without this loss, HK$25 Million every day for 2 years now, there would be no need for such desperation. We would still be a very profitable airline like most others seem to be these days. So you're 20 years late in noticing the market has changed around you? That would have been ok. We could just get to work fixing our problems and adapting together as a normal corporate evolution.
But that time has passed. So to our 30%, on behalf of our Chairmen and Directors, we're sorry.