HONG KONG: Cathay Pacific Offers Early Retirement to Offset Costs

HONG KONG (South China Morning Post), May 5, 2006: Hong Kong's flagship carrier Cathay Pacific Airlines will offer early retirement packages to as many as 1,600 of its most senior and highly paid cabin personnel in a bid to offset higher fuel and operating costs, it was reported today. The airline reported a 48% jump in fuel costs last year, resulting in a 25% decline in profit, despite a 19% jump in sales. The scheme is voluntary and will be open to staff who joined the airline before Dec 31, 1991, the newspaper reported. The airline earned a net profit of HK$3.29 billion ($412.8 million) last year.