Profit share.
 

It's that time of the year again boys and girls.
What are we thinking?
I'm going to go with 3500HKD.
Anyone?

"I'm going to go with 3500HKD."

I assume you mean 3500hkdto be divided between all 3200 pilots?

I suspect they'll (metaphysically) turn their pockets out and mumble excuses about "mark to market" losses on fuel hedging, "a tough environment" and LCC's, a decrease in business and first class travel demand, and some mumbo jumbo on the A350 entry into service debacle...
Followed by a magnanimous 2 weeks or $5000, whichever is less.

I think they will ask for $3500 from all pilots. (except the new training volunteers...)

Oh wait! How much were the RPs you stole from us worth?

How much Ivan and AT are getting is the real question

What a toxic place to work Cathay has become. Profit Share was a good idea tried by forward thinking Companies to involve employees in the "Success of the Enterprise". Some do it better than others but the idea was/is a good one.
Somehow Cathay Management have turned it into yet another way of belittling Aircrew. Always using the term "whichever is lower" just makes the whole thing look cheap and begrudging.
Now the standard is for Senior so-called Executives to pay themselves outrageous 'bonuses' that are quite tricky to uncover and, with what they deem to be left over, pay some derisory gesture to the peasant workforce which, you guessed it, includes the pilots who are the genuine backbone of the Company.
Whatever the profit sharing may be, rest assured it will be of little consequence to anything and mean of spirit.
The very first year of PS was 2.99 months salary plus of course, everyone was paid the 13th month. That was a significant "Thank you" and our goodwill was soaring in the stratosphere.
Now? Keep your bloody profit share. I, for one, would rather take my chances on the lottery which is where my $1500HKD (whichever is lower etc etc) will go should they pay anything at all.
What a disgrace to have systematically ruined something that was so fine.

Well, I don't know what you're talking about but Leo, Mary and Arnold are loving it.

Hmmm... Let's see: in a year that has seen record low oil prices (even notwithstanding our brilliant fuel hedging), record loads, low overall crewing costs, a monopoly position in HK, and not least, pilots flying at maximum productivity, CX will probably state that profits are 'minimal' and offer yet again an insulting amount to their staff. This in a year that other airlines are paying out record profit sharing to their employees (Delta, 3 months worth). If CX can't seem to 'make a profit' with all those factors in their favour, then one can only conclude that they are led by the most inept and/or corrupt management team in the industry. If they can't make money with all these factors in their favour, then THEY should be fired for gross incompetence. If we can't make money now, then we might as well shut the whole thing down. Of course, we all know they are making shed-loads of money, but are moving it out of the airline with all the front loaded contracts to other Swire held subsidiaries (Haeco,catering, etc). Nice to know you are working for people of such high integrity. Leave while you still have the potential for a career at a real airline.

Rumor is HKD$450 or one days pay whichever is lower.

"unrealized fuel-hedging loss of HK$7.42 billion ($954 million) as of end-June -- and oil prices have slumped a further 42 percent since then. The company may announce March 9 that its hedging losses last year ballooned to HK$8.4 billion"

“It’s a battle between those who hedge and those who don’t hedge,” said K. Ajith, an analyst at UOB Kay Hian Pte. in Singapore, who rates the Hong Kong carrier’s shares as hold. “Cathay’s cost base is unfortunately higher, and their competition knows that."

Cathay Pacific Seen Posting Wider Hedging Loss as Oil Drops - Bloomberg Business

Well said Arfur.:ok:

Apparently folks here didn't get the memo.

We are paying THEM this year.

Well said Arfur. Profit share can be a wonderful tool to help the team come together and align and work toward common goals.

I personally think only those of us NOT in CC should get profit share....
:ouch::ouch::ouch:

Perhaps we could start a fund with our $500 to send our "managers" off to a leadership training course/school...?:E:E

$5000 boys and girls
 

Cathay Pacific Airways Ltd., Asia’s largest international airline by passengers, reported profit that beat analyst estimates as growing travel demand outweighed the drag from fuel hedging losses.

Net income jumped 90.5 percent to HK$6 billion ($773 million) last year, Cathay said in a stock exchange statement Wednesday. That compared with the average estimate of HK$5.32 billion by 13 analysts, according to data compiled by Bloomberg. Hedging losses in 2015 widened to HK$8.47 billion from a HK$911 million loss a year ago.

5k per head . So the cleaners get the same as a senior capt . Well at least it's a fair distribution .
Of course it's as difficult to push a broom as it is to obtain and keep a professional license
I would like to see just how much the directors award themselves . I can guarantee that it's 5k plus at least a minimum of another three zeros added to it . But hey it's only zeros and they don't mean much after all .
Of course those of you who went sick during the year will have your profit share reduced accordingly

$8.47 billion fuel hedging loss , that is more than our total net profit . I truly hope that the director responsible for this loss has been fired . Oh no of course not, it's the old boys club and we don't eat our own
HK $ 8.47 billion that's almost the cost of a 7.3 new 777 300 ER aircraft if I did my calculations correctly
1 billion = 1 with 9 zeros. so HK $847,000,000,000 or US$ 1,110,000,000 assuming each aircraft costs approx US$150 million that equals 7.3 aircraft paid for in full
That puts my $ 5000 less sick leave into perspective

The fuel companies must salivate when they hear that Cathay is on the line

F()ck you, Cathay Pathetic.

Told ya.
No, I'm not NC although I wish I had his mathematical ability...

Joblow, divide by 150 and your maths may be about right. Say 5 aircraft for USD1bn?

Without the hedging fiasco, net profits would have been more than 14 billion hkd
A 14% profit over the turnover.
Profit share would have been at least 5 times what we received.

No wonder the new HKPA offer is such a bad deal.
Someone has got to pay for everyone else!

How they try to justify their hedging position is what disgusts me most.
Can't admit their mistakes, can they?