Cathay offers 2pc pay rise after posting HK$935m loss

PUBLISHED : Friday, 30 November, 2012, 5:53pm
UPDATED : Friday, 30 November, 2012, 9:41pm

Cathay Pacific will pay its staff a 2 per cent pay rise next year after posting a HK$935-million loss for the first two quarters, the airline announced on Friday.

The increase falls short of the 5 per cent increase the airline’s flight attendants have been demanding.

But Cathay said employees would receive a bonus equivalent to December’s salary. That and the pay rise will apply to all ground staff and cabin crew based in Hong Kong.

Chief executive John Slosar said this year has been an “extremely challenging” year, and the pay schemes had taken the business performance into account.

“Commercial aviation is always volatile, so our business performance can vary greatly from year to year,” he said in a statement. “We do appreciate the professionalism of the Cathay team and try to do the best that we can for them.”

The airline reported a HK$935 million loss in the first half of the year, citing high fuel prices, low growth in passenger numbers and weak demand for cargo services.

During the same period a year earlier, the company made a HK$2.8 billion profit.