Solid hammer! Cathay Pacific announced 8500 layoffs for Hong Kong Dragon Airlines to stop operation

category:Finance
 Solid hammer! Cathay Pacific announced 8500 layoffs for Hong Kong Dragon Airlines to stop operation


At the same time, Cathay Pacific said that from October 21, Cathay Pacifics Dragonair Limited will stop operation, and the company intends to seek the approval of the regulatory authorities, and the company and its wholly-owned subsidiary, Hong Kong Express Airlines Limited, will operate most of the routes of Cathay Dragonair.

Cathay Pacific Dragonair, formerly known as Dragonair, was founded in May 1985 by Cao Guangbiao, Bao Yugang, Huo Yingdong and Chinese funded institutions. It started operation in July of the same year. Cathay Pacific Airways acquired Dragonair wholly in 2006 and renamed it Cathay Pacific Dragonair in 2016.

At present, Cathay Pacific Dragonair has about 46 destinations, mainly connecting mainland routes, but also includes routes from all over Asia, such as Chiang Mai in Thailand and Hanoi in Vietnam.

Due to the impact of the epidemic, the global aviation industry has been greatly impacted. Cathay Pacific has already embarked on the capital restructuring plan described in the announcement and implemented a number of cash preservation measures, including suspension of unnecessary expenses, delay of aircraft delivery, introduction of special leave plan and implementation of salary reduction of senior management.

According to data released by Cathay Pacific last week, Cathay Pacific Airways and Cathay Pacific dragon carried 47060 passengers in September, a sharp drop of 98.1% compared with the same period in 2019. The daily passenger carrying capacity was only 1568, and the number of passenger kilometers in revenue decreased by 97% over the same period last year. Passenger carrying capacity fell 48.8 percentage points to 24.9%. In the first nine months of this year, the number of passengers carried decreased by 83.2% compared with the same period last year.

According to the interim performance report, as of the end of June, Cathay Pacific Group had more than 33000 employees worldwide, 1200 fewer than the 34200 employees announced at the end of last year. Among them, the number of employees in Hong Kong is 27600, about 600 less than that announced at the end of last year. Cathay Pacifics net loss in the first half of this year was as high as HK $9.87 billion. During the period, staff expenditure was as high as HK $7.42 billion, accounting for more than 20% of operating expenses. Cathay Pacific Groups Cathay Pacific, dragon and its Hong Kong Express currently employ 4000 pilots and 13000 crew members. According to Cathay Pacifics earlier announcement, 40% of its fleets airliners have been berthed overseas. According to this proportion, there will be a large number of surplus staff. Market news previously said Cathay Pacific had more than 6000 employees. Hong Kong media: Cathay Pacific Airways to lay off 6000 people_ NB12679

According to the interim performance report, as of the end of June, Cathay Pacific Group had more than 33000 employees worldwide, 1200 fewer than the 34200 employees announced at the end of last year. Among them, the number of employees in Hong Kong is 27600, about 600 less than that announced at the end of last year. Cathay Pacifics net loss in the first half of this year was as high as HK $9.87 billion. During the period, staff expenditure was as high as HK $7.42 billion, accounting for more than 20% of operating expenses.

Cathay Pacific Groups Cathay Pacific, dragon and its Hong Kong Express currently employ 4000 pilots and 13000 crew members. According to Cathay Pacifics earlier announcement, 40% of its fleets airliners have been berthed overseas. According to this proportion, there will be a large number of surplus staff. Market news previously said Cathay Pacific had more than 6000 employees.

Hong Kong media: Cathay Pacific will cut 6000 jobs