Published:
Cathay Pacific eyes $4b in cuts over three years
$2b of which is targetted for 2017.
According to a report from South China Morning Post, Cathay Pacific Airways is seeking $4b (US$514m) in savings over the next three years, with $2b targetted for this year.
In the first cost-saving target made public, Air China, which has a 30% stake in Hong Kong’s flag carrier, backed Cathay Pacific to turn the business around. Analysts also welcomed the target, but one questioned whether it could be achieved.
The airline started a three-year restructuring exercise, the biggest shake-up in 20 years, after it lost $575m (US$74m) last year.
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