Go Back  PPRuNe Forums > PPRuNe Worldwide > Fragrant Harbour
Reload this Page >

CX announces HK$2.3 billion profit for 2018

Fragrant Harbour A forum for the large number of pilots (expats and locals) based with the various airlines in Hong Kong. Air Traffic Controllers are also warmly welcomed into the forum.

CX announces HK$2.3 billion profit for 2018

Old 20th Feb 2019, 08:06
  #1 (permalink)  
Thread Starter
 
Join Date: Mar 2014
Location: Hong Kong
Posts: 12
CX announces HK$2.3 billion profit for 2018

Embattled Cathay Pacific Airways has said it expects to announce a net profit of HK$2.3 billion (US$295 million) for 2018 – a huge turnaround from its HK$1.25 billion loss the previous year.

So, this is why they wanted the vote to be passed before they announced this news.
never ready is offline  
Old 20th Feb 2019, 08:28
  #2 (permalink)  
 
Join Date: Jul 2007
Location: www
Posts: 460
Yes, now you know why the company was desperately trying to hurry and get the vote through. I completely expected that from the management, but I can't understand why the AOA GC wanted to play along with that (oh, wait...). We were just about sold down the river for pennies. Now, the management have to deal with not only an energized pilot group, industry leading sickness and resignation rates, but now they also have to deal with healthy profits and the obvious expectations of their pilots because of it. CC and the TB are our friend, and it will take some serious improvements to my contract to convince me to drop those actions. It's time to restore our value to what we know we are worth. POS 18....? Will soon be consigned to the dustbin of history (along with the CK video attempting to sell it ). Every pilot in this airline will now simply tell management, "stop the crap", and give us a proper contract. The longer our management pretend to themselves that nothing has changed, the more it will change.
Apple Tree Yard is offline  
Old 20th Feb 2019, 09:35
  #3 (permalink)  
 
Join Date: May 2011
Location: Bouvet Island
Posts: 104
Like how about EVERYTHING backdated for 4 years!
plainpilot11 is offline  
Old 20th Feb 2019, 09:59
  #4 (permalink)  
 
Join Date: Nov 2018
Location: LUX
Posts: 23
HKD2.3B is not exactly a lot considering most of the world is having record profits and given CX’s fleetsize... If you couldn’t make a profit last year you should just quit and do something else.
SaulGoodman is offline  
Old 20th Feb 2019, 10:28
  #5 (permalink)  
 
Join Date: Oct 2018
Location: Ferrara
Posts: 165
HK$ 2.3 Bn on a Market cap of HK$ 51.3 Bn = 4.48% return - not earthshaking really...... given the risks of the airline business.......
Asturias56 is offline  
Old 20th Feb 2019, 10:31
  #6 (permalink)  
 
Join Date: May 2002
Location: Wanaka, NZ
Posts: 1,802
CX share price opened at $HK12.06 this morning. After lunch it went to $HK13.16.

When was the Profit Alert released to the market, during the lunch break, or after trading closed today?

I'm still holding mine at $21/share....a long way to go for me to break even
gulliBell is offline  
Old 20th Feb 2019, 12:18
  #7 (permalink)  
 
Join Date: Aug 2006
Location: The Cesspit
Posts: 233
The group operates 200 aircraft and in a year when aviation is booming, made just enough money to buy 1 more.

The only positive outcome I see from this announcement is that the shareholders finally vote to overthrow the current management structure. Or the AOA TU’s grow the balls to hold a vote of no confidence in the leadership.
I fail to see how this anemic “profit” otherwise assists the long suffering pilot groups. If anyone here is investing into this circus please pm me. I’ve a bridge that’s for sale.
Progress Wanchai is offline  
Old 20th Feb 2019, 14:46
  #8 (permalink)  
 
Join Date: Oct 2018
Location: Ferrara
Posts: 165
Jeez RAT - calm down man.... it's only a job

They can't pull out your fingernails or shoot your kids............................
Asturias56 is offline  
Old 20th Feb 2019, 17:07
  #9 (permalink)  
 
Join Date: Aug 2015
Location: Hong kong
Posts: 104
Just bear in mind that this profit was achieved despite the fuel hedging debacle . Imagine how much money would have been made without being dragged down by fuel prices
Tea time is offline  
Old 20th Feb 2019, 17:46
  #10 (permalink)  
 
Join Date: Aug 2008
Location: Polar Route
Posts: 1,745
Originally Posted by Tea time View Post
Just bear in mind that this profit was achieved despite the fuel hedging debacle . Imagine how much money would have been made without being dragged down by fuel prices
Yes, CX is well north of $3 Billion US (24 billion HKD) on fuel hedging losses. That means that if CX has just done nothing except pay spot prices for fuel, we would actually have a MUCH healthier balance sheet. No one to blame but Swire elites, and they want US to pay for THEIR mistakes??? No thanks, pass!!!
cxorcist is offline  
Old 20th Feb 2019, 21:56
  #11 (permalink)  
 
Join Date: Oct 2000
Posts: 48
Anybody remember the profit share formula?
Staggers is offline  
Old 20th Feb 2019, 22:16
  #12 (permalink)  
 
Join Date: May 2011
Location: Bouvet Island
Posts: 104
Originally Posted by Staggers View Post
Anybody remember the profit share formula?
(Days worked in 2018) divided by actual scheduled work days, times a percentage of the company’s choosing.

Take that number and multiply it times 0.

That will give you your profit share.
plainpilot11 is offline  
Old 20th Feb 2019, 22:35
  #13 (permalink)  
 
Join Date: Jul 2002
Location: wherever I go, there I am.
Posts: 1,895
I love how they pat themselves on the back and say the Profit was due to TTW and their superior management skills. In actual fact, we all know it's due to the fuel hedging situation easing.
Dan Buster is offline  
Old 20th Feb 2019, 23:20
  #14 (permalink)  
 
Join Date: Apr 2002
Location: HK
Posts: 676
Originally Posted by Tea time View Post
Just bear in mind that this profit was achieved despite the fuel hedging debacle . Imagine how much money would have been made without being dragged down by fuel prices
Think it is the other way round - this profit was made because the fuel hedging nightmare is finally over. All management had to do was - nothing.

Freehills is offline  
Old 20th Feb 2019, 23:30
  #15 (permalink)  
 
Join Date: Sep 2014
Location: Hong Kong
Posts: 65
Actually if all those so called Managers had only ever taken long drunken lunches and never come to work at all, we would be rolling in dosh.
shortly2 is offline  
Old 21st Feb 2019, 00:10
  #16 (permalink)  
 
Join Date: Mar 2015
Location: HKG
Posts: 128
Originally Posted by Asturias56 View Post
HK$ 2.3 Bn on a Market cap of HK$ 51.3 Bn = 4.48% return - not earthshaking really...... given the risks of the airline business.......
For an airline thats a good return on capital. Airlines aren't great investments compared other businesses.

We will never know how much profit is really there - with transfer pricing Swire move the money around to fill their pockets, avoid the taxman and screw over the little people. The biggest transfer pricing example is the so called fuel hedge.
controlledrest is offline  
Old 21st Feb 2019, 01:47
  #17 (permalink)  
 
Join Date: May 2007
Location: CLK
Posts: 276
I haven’t checked IntraCX but I am sure that they have conveniently forgotten to promulgate a profit share formula as they did for a profit result many years ago. Of course it is always “formulated” when they already have a good idea of what the likely results are.
Don’t want to inspire too much good faith from the workforce because that doesn’t have a $ value accountable by our accountagers.
Perhaps NumeroCrunchero can forecast some likely numbers, or has he gone to ground after Prop18?
Farman Biplane is offline  
Old 21st Feb 2019, 01:57
  #18 (permalink)  
 
Join Date: Jan 2005
Location: Ask Crew Control
Age: 42
Posts: 241
Makes a mockery of the Jellyfish's statement " but to be honest it is all we can afford " in his pre TA vote video.

The Cav
Cavallier is offline  
Old 21st Feb 2019, 03:41
  #19 (permalink)  
 
Join Date: Jul 2005
Location: Hong Kong
Posts: 1,109
Let's see how they spin this profit! By the way, the profit is the same amount that Qantas has reported. Joyce says he is happy with the way the company adapted to the challenging times. I bet we will be told times are tough...competition, we poor, bleak future etc etc
Frogman1484 is online now  
Old 21st Feb 2019, 06:59
  #20 (permalink)  
 
Join Date: Jul 2018
Location: uk
Posts: 474
Let's remember this is a NET profit, so all the fines and penalties have already been deducted. It is a trunround from last year which the markets will like. The management can say what they like, the figures tell a different story to the one they were pushing 3 weeks ago. Of course their response will be "thanks to the efforts of all staff EXCLUDING pilots, a profit was made". Dream on 9th floor, your bluff has been called and you lost.
unitedabx is online now  

Thread Tools
Search this Thread

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.