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Cathay Pacific to save HK$2.2b by changing investment in new planes

Cathay Pacific Airways has said it will save HK$2.2b (US$288m) by delaying the delivery of long-haul aircraft and switching to smaller long-range planes as the company confirmed a HK$31.7b order for 32 short-haul aircraft. The airline said it would tinker with its multibillion dollar investment in new planes, Wednesday. The airline is cutting costs and restructuring in a bid to return to profit after producing the worst half-year results in almost 20 years last month. The carrier said it will downsize 6 of its 26 Airbus A350-1000 planes for half a dozen smaller A350-900 planes, raising it from 22 to 28 aircraft. It will also delay the delivery of 5 more A350-1000 aircraft by one year to 2021. Cathay Pacific also confirmed its HK$31.7b order for 32 Airbus A321neo aircraft for its sister airline Cathay Dragon. <br/>