Saturday, November 18, 2017
 
Columnist
Martin Hennecke

Cathay defers plane buys
 
14/09/2017
 
Hong Kong airline Cathay Pacific Airways (0293) said yesterday it would defer deliveries of five Airbus wide body aircraft by a year and switch six others to a smaller model as it finalized an order for 32 narrow body aircraft.

The carrier has been slashing costs and adjusting its route network after reporting its biggest first-half loss in at least two decades amid stiff competition from rivals.

It announced a non-binding deal to buy 32 Airbus A321neo aircraft valued at US$4.064 billion (HK$31.69 billion) at list prices on August 21. That purchase was finalized yesterday, according to a stock exchange announcement.

Cathay also said it would switch six orders for A350-1000s to the smaller A350-900 model, saving US$288 million based on list prices. The A350-900s will be delivered in 2019 and 2020, the airline said.

Cathay added it would defer the delivery of six A350-1000 aircraft to 2021 from 2020.

An Airbus spokesman confirmed the A321neo orders and the changes to the A350 order, and said the total number of A350s ordered by Cathay remained unchanged at 46.

REUTERS

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