Cathay remains in “vulnerable position”; full recovery remains uncertain

Cathay Pacific CEO, Tony Tyler, stated that while it appears the worst is now over, the carrier remains in a “vulnerable position” and there is still uncertainty over whether the airline’s business will recover to levels seen previously. [1595 words]

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This report contains the following subheadings:

• Dragonair also seeing “no clear indication of any sustained recovery”
• Yields remain “under pressure”; long recovery process ahead
• To continue prudent financial management
• No year-end bonus for Cathay staff, but 1.8% pay increase for 2010
• Reducing IMT staff
• Air China increases shareholding in Cathay Pacific; increasing cooperation
• Raises fuel surcharges, lower landing fees
• Heading off to Milan in Mar-2010; strengthening services to North America