CX Huge Profit $6,840 (only interim)
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CX Huge Profit $6,840 (only interim)
Only an interim: huge $6,840m
Staff get addvance 14day profit share end Aug.
A350 (30) B777 (6more) would have expected more aircraft.
Staff get addvance 14day profit share end Aug.
A350 (30) B777 (6more) would have expected more aircraft.
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i suppose the 350 deliveries won t happen before a while. and probably just for replacement?
if this is true, would this order affect anything in terms of DEFO hiring?
thanks
if this is true, would this order affect anything in terms of DEFO hiring?
thanks
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For those who chose not to take SLS, you may be categorized as employees who, in the opinion of Cathay Pacific, have failed to make sufficient contribution and support to the Airlines’ success and therefore may be considered not to be included for the interim profit share ex-gratia payment.
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New (Replacement aircraft)
Yes mostly for replacement.
From now until 2015 there are 30 aircraft arriving, but also 29 departing (Mostly leases & freighters moving to Air China ending)
The lastest order (30+6=36) is due in 2016-2019.
Thus in the next nine years only a net gain of (1+36) 37 aircraft.
4.1 Aircraft per year. A growth rate of 4.1/153 = 2.7%
Not very good considering our Market & Balance sheet.
Not great for promotions either! sorry 18+yrs to CMD despite profits.
Just look at Emirates > 15% growth per year for the next 10years.
May be worth considering if their pay is increased.
From now until 2015 there are 30 aircraft arriving, but also 29 departing (Mostly leases & freighters moving to Air China ending)
The lastest order (30+6=36) is due in 2016-2019.
Thus in the next nine years only a net gain of (1+36) 37 aircraft.
4.1 Aircraft per year. A growth rate of 4.1/153 = 2.7%
Not very good considering our Market & Balance sheet.
Not great for promotions either! sorry 18+yrs to CMD despite profits.
Just look at Emirates > 15% growth per year for the next 10years.
May be worth considering if their pay is increased.
Last edited by crewsunite; 4th Aug 2010 at 06:12.
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Oval,
Not sure why you're trying to stir the pot, but not paying the profit share to those who did not participate in sls would be deemed as discriminatory and grounds for legal action.
Firstly it was stated clearly that there would be no penalties in choosing not to participate as it was purely voluntary. Secondly you can't work more than those who participated and be seen as not contributing to the airline's success.
Not sure why you're trying to stir the pot, but not paying the profit share to those who did not participate in sls would be deemed as discriminatory and grounds for legal action.
Firstly it was stated clearly that there would be no penalties in choosing not to participate as it was purely voluntary. Secondly you can't work more than those who participated and be seen as not contributing to the airline's success.
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Oval is just pointing out part of the policy on profit share, if you click on the link on the company website, you can read it for yourself.
2 weeks is better than a slap in the face, but now watch them drag their heels with pay negotiations
2 weeks is better than a slap in the face, but now watch them drag their heels with pay negotiations
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At this point, let me explain our approach towards salaries and profit share. Put simply, the market determines salaries, and staff are rewarded for good Company performance through the profit-sharing scheme. We are in a very cyclical business: there will be always be good times and bad times, following each other in turn as markets boom and bust. When the Company is performing well, it’s only right that our hard-working staff should share some of the rewards.
But it would be a mistake to set our salaries on the assumption that today’s great results were guaranteed for the future. When today’s up-cycle becomes tomorrow’s down-cycle, doing that would turn a slump into a crisis. Too many airlines have made that mistake - you don’t need me to tell you who they are.
But it would be a mistake to set our salaries on the assumption that today’s great results were guaranteed for the future. When today’s up-cycle becomes tomorrow’s down-cycle, doing that would turn a slump into a crisis. Too many airlines have made that mistake - you don’t need me to tell you who they are.
So "the team" that worked so hard to make this handsome profit happen are once again screwed over, while the fat cats laugh all the way to the bank, with their massive bonusses in their clutches...
Now is the time for CONTRACT COMPLIANCE, followed up by INDUSTRIAL ACTION until salary increase demands are met.
Different team, different dream
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Just to put this figure into numbers we can understand.
6840 million HKD is 880 million US$ or almost ONE BILLION US$ and that is only for 6 months.
Put another way we made US$ 3348 every minute.
According to the profit and loss table, staff costs were 6190 million HK$, ie total staff costs for the whole airline was less than the profit generated. A not unreasonable rise of 10%, considering the lack of any increases in the best part of a decade, FOR ALL STAFF would still have left the company with a profit of 6221 million HK$ or 801 million US$.
It is simply inconceivable, despite Tyler's clumsy warnings about costs, that we should be denied a significant double digit pay rise this year.
6840 million HKD is 880 million US$ or almost ONE BILLION US$ and that is only for 6 months.
Put another way we made US$ 3348 every minute.
According to the profit and loss table, staff costs were 6190 million HK$, ie total staff costs for the whole airline was less than the profit generated. A not unreasonable rise of 10%, considering the lack of any increases in the best part of a decade, FOR ALL STAFF would still have left the company with a profit of 6221 million HK$ or 801 million US$.
It is simply inconceivable, despite Tyler's clumsy warnings about costs, that we should be denied a significant double digit pay rise this year.
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Oh, we will be denied it, no doubt about that at all. But between the AOA and a group of pilots who couldn't unite if their lives depended on it, nothing will be done about it. Sad but true.
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Yes mostly for replacement.
From now until 2015 there are 30 aircraft arriving, but also 29 departing (Mostly leases & freighters moving to Air China ending)
The lastest order (30+6=36) is due in 2016-2019.
Thus in the next nine years only a net gain of (1+36) 37 aircraft.
4.1 Aircraft per year. A growth rate of 4.1/153 = 2.7%
Not very good considering our Market & Balance sheet.
Not great for promotions either! sorry 18+yrs to CMD despite profits.
Just look at Emirates > 15% growth per year for the next 10years.
May be worth considering if their pay is increased.
From now until 2015 there are 30 aircraft arriving, but also 29 departing (Mostly leases & freighters moving to Air China ending)
The lastest order (30+6=36) is due in 2016-2019.
Thus in the next nine years only a net gain of (1+36) 37 aircraft.
4.1 Aircraft per year. A growth rate of 4.1/153 = 2.7%
Not very good considering our Market & Balance sheet.
Not great for promotions either! sorry 18+yrs to CMD despite profits.
Just look at Emirates > 15% growth per year for the next 10years.
May be worth considering if their pay is increased.
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"The amount of the Payment will be offset against any annual profit share that may be awarded under the Policy by April next year."
What exactly does this mean? Assuming profit share equals 30 days next April and we get 14 days in August what will CX actually pay us in April?
There are two possibilities for the final payment in April that I can see:
1. 30 days (i.e. 1 month) at your current pay increment as of April minus the dollar amount paid in August.
2. 30 days - 14 days (advanced payment) at your current pay increment as of April.
Either way it probably will not make any difference to about half of us, but for those that have a pay increment or the luck few that will get an upgrade between June and April will have less money in their pockets if the second option is used to calculate the final payment. From the quote above it does not clearly define what "amount of the Payment" means. Does it mean, the days or dollars?
Would be worth keeping an eye on next year or be worth the AOA getting some sort of clarification.
What exactly does this mean? Assuming profit share equals 30 days next April and we get 14 days in August what will CX actually pay us in April?
There are two possibilities for the final payment in April that I can see:
1. 30 days (i.e. 1 month) at your current pay increment as of April minus the dollar amount paid in August.
2. 30 days - 14 days (advanced payment) at your current pay increment as of April.
Either way it probably will not make any difference to about half of us, but for those that have a pay increment or the luck few that will get an upgrade between June and April will have less money in their pockets if the second option is used to calculate the final payment. From the quote above it does not clearly define what "amount of the Payment" means. Does it mean, the days or dollars?
Would be worth keeping an eye on next year or be worth the AOA getting some sort of clarification.
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sand man,
profit share is based on your Dec salary. So I would expect you would be paid X days of your Dec salary amount less the advanced amount of 14 days of your Jun 2010 salary. So if your Dec salary was exactly double your Jun salary and say X=28 days, you would get a further 21 days of salary in April 2011 since 14 days of June 2010 salary = 7 days of Dec 2010 salary.
clear as mud?
profit share is based on your Dec salary. So I would expect you would be paid X days of your Dec salary amount less the advanced amount of 14 days of your Jun 2010 salary. So if your Dec salary was exactly double your Jun salary and say X=28 days, you would get a further 21 days of salary in April 2011 since 14 days of June 2010 salary = 7 days of Dec 2010 salary.
clear as mud?
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crewsunite,
I don't have the numbers in front of me, but I can tell you this airline does not order planes to cover the next 10 years without variation. Several years ago I did go through the painful process of looking through every annual report and I can tell you that the planned 10 year growth rate is always below the actual 10 year growth rate.
Don't take my word for it. Download the last 10 years or so of reports and see what was planned for the next 10 years in any given year and you will see it was below the actual amount achieved.
The long term growth rate has been around 6-7% - but that has varied from 0% to over 10% in 1-2 year blocks. So I would say by Dec 2020 we will have around 250 a/c.
I don't have the numbers in front of me, but I can tell you this airline does not order planes to cover the next 10 years without variation. Several years ago I did go through the painful process of looking through every annual report and I can tell you that the planned 10 year growth rate is always below the actual 10 year growth rate.
Don't take my word for it. Download the last 10 years or so of reports and see what was planned for the next 10 years in any given year and you will see it was below the actual amount achieved.
The long term growth rate has been around 6-7% - but that has varied from 0% to over 10% in 1-2 year blocks. So I would say by Dec 2020 we will have around 250 a/c.
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Sand Man,
your question is being answer in the FAQ of the Advance Profit Share
5. I expect to be promoted before the end of the year. If part of the profit share is paid now when I am earning a lower salary, will I lose money compared to having it all paid at year end at my new salary level?
Subject to the public announcement of the Airlines’ audited consolidated annual results, the total amount of annual profit share for 2010 will be calculated according to the formula as stipulated in the Profit Sharing Scheme Policy. Therefore, employees who are eligible for annual profit share will have their eligible amount calculated in full and the Payment they receive in August will be offset. As a result, the total payment will be made in accordance with the annual profit share formula.
your question is being answer in the FAQ of the Advance Profit Share
5. I expect to be promoted before the end of the year. If part of the profit share is paid now when I am earning a lower salary, will I lose money compared to having it all paid at year end at my new salary level?
Subject to the public announcement of the Airlines’ audited consolidated annual results, the total amount of annual profit share for 2010 will be calculated according to the formula as stipulated in the Profit Sharing Scheme Policy. Therefore, employees who are eligible for annual profit share will have their eligible amount calculated in full and the Payment they receive in August will be offset. As a result, the total payment will be made in accordance with the annual profit share formula.
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Advance profit share impact on annual result
Numero you can probably answer this,
How will this advance profit share impact the annual result and therefore also the total profit share received next year.
If the total staff cost is 6190 mill HKD, 14 days advance profit share would be 238.076.923 HKD. I assume this will affect the total profit for the year, i.e. the advance profit share is in the books for 2010. If the 238 mill HKD was not paid out and added to the full year result how would that impact the total profit share paid for the year.
I am happy to get some profit share now, but I think having it all paid in March 2011 would actually be better than having it paid some now and some later.
Cider30
How will this advance profit share impact the annual result and therefore also the total profit share received next year.
If the total staff cost is 6190 mill HKD, 14 days advance profit share would be 238.076.923 HKD. I assume this will affect the total profit for the year, i.e. the advance profit share is in the books for 2010. If the 238 mill HKD was not paid out and added to the full year result how would that impact the total profit share paid for the year.
I am happy to get some profit share now, but I think having it all paid in March 2011 would actually be better than having it paid some now and some later.
Cider30
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Flap 10,
Isn't PPRuNe the PLACE to stir the pot?
Read the policy for the ex-gratia payment on the CX website for yourself and see: if you have been deemed to not have been part of the team who helped CX in the hard times, you can be deemed to not be eligible for this EX-GRATIA payment!
Discriminatory? Sure it is! But, I betcha it's legal!
I'm glad I took SLS!
Isn't PPRuNe the PLACE to stir the pot?
Read the policy for the ex-gratia payment on the CX website for yourself and see: if you have been deemed to not have been part of the team who helped CX in the hard times, you can be deemed to not be eligible for this EX-GRATIA payment!
Discriminatory? Sure it is! But, I betcha it's legal!
I'm glad I took SLS!
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The forest for the trees?
I'm glad I took SLS!
After this INTERIM profit, If you can't see that the act of being "coerced" into taking SLS was a farce, then I weep for the future.
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Read the policy for the ex-gratia payment on the CX website for yourself and see: if you have been deemed to not have been part of the team who helped CX in the hard times, you can be deemed to not be eligible for this EX-GRATIA payment!
Discriminatory? Sure it is! But, I betcha it's legal!
I'm glad I took SLS!
Oh and BTW Oval, this is one of your previous posts, posted 18th of May
Who Still Has B*LLS?
Well, there it went... Care to now state what you have DONE or NOT?
My achievement: NO and NO (never a click for ME!)
Well, there it went... Care to now state what you have DONE or NOT?
My achievement: NO and NO (never a click for ME!)
Last edited by Flap10; 5th Aug 2010 at 02:44.
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Sick Pilots
Unfortunately those of you that have had operations and been on sick leave will also be punished. No profit share for you. Only people that have been on annual leave or SLS will get it.