This narrowed the full-year net loss to $1.26b, below analysts expectation of $2.26b.
Bloomberg reports that Cathay Pacific has bounced back from a series of losses putting the company deep in the red thanks to higher cargo and premium travel demand which narrowed its full-year net loss to $1.26b from analyst expectations of $2.26b.
This comes as the airline still reels from a massive $6.45b fuel-hedging loss in 2017 and cost rationalisation strategies resulting in the loss of as much as 600 jobs amidst fierce air competition.
Senior business executives from the airline are sharing rosier growth outlooks for the airline. “The outlook for our cargo business is positive,” Chairman John Slosar said in a statement Wednesday.
CEO Rupert Hogg echoed this sentiment after the earnings announcement. “We are bullish about the market demand here,” he said, adding he found the yield trends encouraging. Paul Loo, the chief commercial officer, ruled out further job cuts.
Here’s more from Bloomberg:
Photo from Cathay Pacific
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