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Cathay Pacific’s Chu Says ‘Lucky to Be in Asia’ as Economy Grows
Ivan Chu, chief operating officer of Cathay Pacific Airways Ltd. (293), comments on China’s economic growth and the airline’s performance. He spoke in Hong Kong today.
China’s industrial production expanded the least since 2009 in April, new yuan loans were the lowest this year and exports growth missed estimates.
On the economy:
“The slowdown is in one month. It’s very clear that after releasing the figures, the central government is planning to take some actions. Growth in Asia Pacific is still the best in the world. We are lucky to be here in Asia.”
“In Southeast Asia and in Northeast Asia, we are doing well in both passenger and cargo businesses, and have generated growth. The Asian region will be a star in our business. It’s not that good in long-haul business, particularly flights to Europe. For cargo, we are hoping there will be meaningful pre- Christmas rush this year. Last year, we didn’t have that.”
To contact the reporters on this story: Jasmine Wang in Hong Kong at Jwang513@bloomberg.net
To contact the editor responsible for this story: Neil Denslow at email@example.com