Profit sharing scheme
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Profit sharing scheme
CX issues trading statement on current business situation
Posted On: 10 May 2010
Cathay Pacific issued a trading statement to the Hong Kong Stock Exchange on Monday (10 May) saying that its trading position has improved since the 2009 annual results announcement in March.
In commenting on prospects in the annual results announcement for 2009, Chairman Chris Pratt said: While we welcomed the improvement in business in the latter part of 2009, we remain cautious about the prospects for 2010. Revenues and yields remain below levels experienced prior to the recent downturn and there has not yet been a sustained improvement in premium passenger demand which accounts for a high proportion of total revenues.
"There are concerns that the adverse changes which we have seen in the pattern of passenger and freight demand could be structural rather than cyclical. In addition, the cost of fuel, which rose steadily from the middle of 2009, remains stubbornly high and threatens to undermine profitability.
In its statement to the HKSE, CX said that since the above remarks were made the trading position has been strong, particularly on the cargo side.
"The improved cargo and premium passenger revenues which became apparent in the last quarter of 2009 have continued into this year. This means that, despite higher fuel prices, we expect strong financial results for the first half of 2010 and, if present trends continue, for the second half also," the statement said.
"That said, conditions can change very rapidly in the airline industry. Our results would be adversely affected, and very quickly so, by a significant increase in fuel prices or any return to the recessionary economic conditions of 2008 and much of 2009."
CCD
Posted On: 10 May 2010
Cathay Pacific issued a trading statement to the Hong Kong Stock Exchange on Monday (10 May) saying that its trading position has improved since the 2009 annual results announcement in March.
In commenting on prospects in the annual results announcement for 2009, Chairman Chris Pratt said: While we welcomed the improvement in business in the latter part of 2009, we remain cautious about the prospects for 2010. Revenues and yields remain below levels experienced prior to the recent downturn and there has not yet been a sustained improvement in premium passenger demand which accounts for a high proportion of total revenues.
"There are concerns that the adverse changes which we have seen in the pattern of passenger and freight demand could be structural rather than cyclical. In addition, the cost of fuel, which rose steadily from the middle of 2009, remains stubbornly high and threatens to undermine profitability.
In its statement to the HKSE, CX said that since the above remarks were made the trading position has been strong, particularly on the cargo side.
"The improved cargo and premium passenger revenues which became apparent in the last quarter of 2009 have continued into this year. This means that, despite higher fuel prices, we expect strong financial results for the first half of 2010 and, if present trends continue, for the second half also," the statement said.
"That said, conditions can change very rapidly in the airline industry. Our results would be adversely affected, and very quickly so, by a significant increase in fuel prices or any return to the recessionary economic conditions of 2008 and much of 2009."
CCD
(1/8 X 12 + 31 -16 - 8)/8.5 - 1 = Days profit share or 7/8 of 0 days, whichever is the greater.
If we used last years formula the benefit paid would have been minimal. To overcome this we have produced a formula which we feel will benefit everyone concerned.
We are still in trying times but are pleased to announce this offer to our staff. ENJOY!
If we used last years formula the benefit paid would have been minimal. To overcome this we have produced a formula which we feel will benefit everyone concerned.
We are still in trying times but are pleased to announce this offer to our staff. ENJOY!
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Yeah. It is the formula whereby the directors and shareholders laugh all the way to the bank while the "Team", and don't we all just love the word Team, get told that the sky is falling and sorry but there won't be any profit share this year because we are 10 percent behind the target based on our record year...ever...and we just can't afford to risk sharing anything with the people who actually do the work... But please work harder next year, "Team", because we value your support and we love you all very much...
Me? Cynical? Of course not! Tyler and Rhodes are gentlemen to the very core!
Me? Cynical? Of course not! Tyler and Rhodes are gentlemen to the very core!
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Still thinking
Have the co. renewed the Profit Share policy yet ? Cause if they have not bothered then they do not have to pay any profit share again this year !!!
"Oh Tony have you renewed the profit share policy..?"
"Sadly I just have not had the time to look into it!!"
Peace out
"Oh Tony have you renewed the profit share policy..?"
"Sadly I just have not had the time to look into it!!"
Peace out
Join Date: Apr 2007
Location: HK- A little bit of industrial China in every breath you take.
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Just back from post office, a large notice about the lack of air freight capacity out of HKG, expect delays to airmail.... Shame there is no money in it.
