Hong Kong: Cathay Pacific will cut up to 30% of its administrative staff as it begins a streamlining exercise aimed at improving its overall cost-base as well as corporate agility.

Hong Kong-based carrier confirmed that initial cuts will target middle and senior management roles at Cathay Pacific’s Hong Kong head office.

“The outlook remains challenging and we do not expect to see any fundamental shift due to the structural issues we are faced with,” an internal memo of the airline quoted as saying. “Our airlines have not seen a review of the business or restructured our teams for over 20 years. We cannot afford to stand still.”

The announcement comes following a full-year loss of HKG 575 million , Cathay Pacific’s first in eight years.