Cathay Pacific Shares Plunge
 

Not a good look for Cx:

Cathay Pacific shares plunge as airline posts worst results since 2008 | South China Morning Post

Apart from the terrible decision on the fuel-hedging the management also seem to be incapable of introducing diversification of products & services and still have terribly uncompetitive fares on a lot of routes.

I think they must adapt and change or they may not survive long term...perhaps a change of management is needed?

Nothing but dismal news, excuses and an inability to acknowledge that they and their incompetence are the problem. It may have escaped your notice JS/IC, but most of the worlds airlines are experiencing record PROFITS.... As Oliver Cromwell once said: "YOU HAVE BEEN SAT TOO LONG HERE FOR ANY GOOD YOU HAVE BEEN DOING. DEPART, I SAY, AND LET US HAVE DONE WITH YOU. IN THE NAME OF GOD, GO!."

If olny you had stopped at "management also seem to be incapable............" you would have hit the nail on the head.

Hedging Loss
 

It appears to me that they are not declaring the actual hedging loss but fudging it in to the total fuel cost. Too embarrassing perhaps.

Time for musical chairs again.

Wonder if the next ostrich will be able to fly.

It is buried in the notes - page 20 - another year another 8.5bn hkd fuel hedging loss...

We need to spell this out in BLOCK CAPITAL LETTERS if HK$8.5 is indeed the number which really means we would have made HK$8B profit!!

Yep, found p20 on the Hong Kong Stock Exchange news. HK$8,456 M. Nice!

The notes to the official announcement to the stock exchange

http://www.hkexnews.hk/listedco/listconews/sehk/2017/0315/LTN20170315142.pdf

Let's spend billions of $$$ purchasing a new, 'fuel efficient' fleet, then squander every penny and advantage of that investment by effectively turning your operation into one that may as well be using fifty year old 707's.... Every one of us should refuse to have anything to do with this management: no volunteering for courses, media adverts, sim trials, dinners at the DFO's,...etc, etc. They are not only putting our airline at risk, they have the temerity to suggest that the 'employees' and their cost are the problem. No, we are not. You and your incompetent, arrogant and clueless cabal of 'Oxbridge' failures are to blame. What a travesty, what a tragedy. You have crippled the hopes and career expectations of your employees and their families. Shame on you all. (and yes, the past two years should have seen a 2 BILLION USD profit....what would that have resulted in profit sharing distribution to the employees?).

Fuel hedging loss roughly equates to HK$1 M an hour for every hour of 2016

Oops. Oh dear. So sad. What a pity. Never mind...

so the 2016 fuel hedging loss could have paid for more than 1000 pilots housing over 6 years......

And to think that somewhere, some guys are pocketing US$ 1 BILLION by selling CX hundreds of thousands of tonnes of fuel at twice the going rate...

Swindling this incompetent management team is easier than taking candy from a baby.
Bernie Madoff was an amateur...

Oh well, at least it's time to win. By demanding more sacrifices from their employees, I assume.

:yuk:

Their are only two words that come to mind.
Inbred and pompous.
Massive egg on face sums this up.
Disgusting.

Its quite amusing that their is one profitable , expanding airline in HK that may just , slightly , have had an ever so important impact on the fat cat duopoly that previously existed. CX/KA have used the courts , used the basic law to fight off any attempt by other players to enter the HK market. And still they can't catch the profit chicken, that continually evades their endeavours to hold it down.

What a joke you guys are. Your pathetic rantings and grandstanding about our company, our poor bonus and our brand. Trafalgar, get a grip lad. You hate your employer but then wish they would value your input more. You feel undervalued, ok we get it. So get back to work, start pulling your weight and stop adding to your conpanies woes. That goes for the rest of you pathetic ranters and ravers.

There is a paradigm shift in the HK aviation market. And its making my day. LOL.

"....start pulling my weight..." Ok. Over 20 years of pulling my weight my friend. I've seen 9 CEO's come and go, nearly all destructive and useless. You have just proven yourself clueless and inconsequential with your comments. When I meet a senior manager worth their salary i'll let you know. When it comes to our 'company's woes', the real damage is being done by the short term management thinking, as they all have other Swire companies and positions to aspire to. They don't care what happens to CX in the long term. I however have been here for decades, and I care very much. You are pathetic.

Fuel Hedging Loss
 

"Our fuel hedging losses, almost entirely incurred on hedges put in place when the fuel price was much higher than today, were similar to the year before. "

Fuel Hedging Loss from 2015 HK$8,474,000,000 (over US $1 Billion Hedging Loss)

Therefore without hedging 2016 Results would be HK$5,100,000,000 operating profit and HK$7,899,000,000 total profit (over US $1 Billion total profit).

They can try to hide the hedging all they want, but its the root of the problem. Of course revenue (ticket prices) is down since every airline's biggest cost (fuel) is also down.

If any senior management expect any sacrifices from me or any other staff, they are beyond deluded. The staff of this airline are already underpaid and overworked. The present financial debacle is of their own making, in spite of the hard working efforts of the front line staff. The fuel hedging disaster would bury most companies. There should not be one single senior manager still in their jobs. The reality is that they are all still in place, with no accountability or shame. Disgusting doesn't even begin to describe this. "Time to Win". Are you kidding me? What a sick joke.

When John Slosar and Ivan Chu took over, these two muppets have ruined a great airline. I can't believe majority shareholders like Swire can sit there and watch the ship sink. Get rid of Slosar and Chu, or do the decent thing, take responsibility for your mistake!!! Go and have a early retirement, Don't ruined it for the rest of us!

Is Ivan going on Bloomberg again?