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Chennai: Despite a five per cent capacity reduction worldwide due to global recession, Hong Kong airline major Cathay Pacific is upbeat over business operations worldwide and plans acquisition of new aircraft, as it believes recovery will be a sure but slow process.
The airline has already ordered 46 Boeing and Airbus passenger and freighter aircraft, as part of its plans to cut fuel costs. "A minimum of 20 per cent on fuel consumption cost can be saved with newer aircrafts", Cathay Pacific Airways Ltd (India, Middle East, Africa and Pakistan), General Manager Tom Wright, said.
Of these aircraft, 27 would be passenger jets, he said.
On the impact of global slowdown, he said Cathay Pacific had seen a 30 per cent drop in business class travellers early this year. "Things were very bad (early this year). There are some signs that things are improving more on the corporate side", he said.
He stressed that the market recovery would not be rapid but slow and steady.
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