Cathay Pacific aiming for HK$4bil in cuts over three years

HONG KONG: Cathay Pacific Airways, one of Asia’s biggest international airlines, is seeking HK$4bil (US$510mil) in savings over the next three years, with HK$2bil targeted for this year, a major shareholder has disclosed.

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.