Cathay Pacific slumps to a surprise loss as crude oil hobbles recovery

More passengers, higher ticket prices and a cargo rebound couldn’t save Cathay Pacific Airways from slumping into yet another loss. For CE Rupert Hogg, that means his restructuring efforts need to strengthen further to turn the tide. After back-to-back annual losses, the carrier is midway through a transformation program under Hogg, who has been cutting jobs and improving services to lure back the premium traveller since taking over as CE in May 2017. “They need to take more drastic and deeper measures in their restructuring efforts,” said Shukor Yusof, founder of aviation consulting firm Endau Analytics. “They need to endure more pain.” Cathay Pacific is “on track” to achieve sustainable long-term performance, Cathay Pacific chairman John Slosar said Wednesday. <br/>