Cathay Pacific has negotiated deferrals on deliveries of a number of Airbus aircraft that it had been due to receive over the next few years.
Hong Kong’s carrier issued a profit warning last week after saying it was set to post a first-half loss of HK$10 billion ($1.3 billion), mainly because of the impact of the coronavirus pandemic.
Cathay Pacific has secured deferrals on deliveries of A350-900s and A350-1000s, pushing them back from 2020-21 to 2020-23. The airline also said it has pushed A321neo deliveries back from 2020-23 to 2020-25.
The carrier is also in advanced negotiations with Boeing to defer 777-9 deliveries, as Cathay Pacific looks to limit new capacity.
Cathay Pacific has so far taken 22 out of 26 A350-900s on order and 12 out of 20 A350-1000s. The airline has a total of 32 A321neos on order but has received none.
The airline’s shareholders recently approved a HK$39 billion bailout plan to save the company.
A senior analyst at DBS Bank in Singapore told Bloomberg that Cathay Pacific’s negotiation to defer aircraft deliveries will ensure that the airline will continue to survive and will preserve liquidity.