Cathay Pacific 'operating in a very challenging environment at the moment'

Cathay Pacific CEO Ivan Chu, in the Jun-2016 edition of CX World, stated (Jun-2016) the carrier is "operating in a very challenging environment at the moment". He explained: "Our cargo business has been under pressure for some time and recently we have been seeing more weakness on the passenger side of our business. These worrying trends are reflected in our May traffic figures, which have just been released. The number of passengers carried declined compared to last year, while the load factor fell by 2% as the high volumes we experienced for most of 2015 began to dwindle. We also saw a drop in the freight tonnage carried, while yield remained under considerable pressure for both the passenger and cargo sides of the business. We expect to see stronger passenger demand over the summer, but the outlook for the cargo business continues to be uncertain. Overall there is considerable fragility in our business. The drive to contain costs and improve productivity must continue to be our key focus." [more - original PR]