Cathay Pacific Airways has placed firm orders for three Boeing and three...
Cathay Pacific Airways has placed firm orders for three Boeing and three Airbus aircraft worth almost one billion dollars, it said that it may hire eight hundred more workers in the next three years, reflecting the gathering rebound in the travel industry.
The Hong Kong based group, which is the sixth-largest airline in Asia, said that the Boeing 777-300 and Airbus A330-300 planes will be powered by Rolls Royce engines and will serve short haul and medium haul routes within Asia.
Cathay's orders come as demand for travel slowly returns after last year's economic slowdown and the September 11th terrorist attacks. The slump has depressed demand for the jetliners, allowing airlines to buy planes with as much as a third discount.
?This is an indicator that management believes the recovery in demand is underway,? said Philip Wickham, an analyst at ING Barings in Hong Kong. The purchase is not too aggressive and Cathay probably got a good price, he said.