SINGAPORE (Reuters) – Hong Kong airline Cathay Pacific Airways Ltd will defer deliveries of five Airbus widebody aircraft by a year and switch six others to a smaller model as it finalised an order for 32 narrowbody aircraft, it said on Wednesday.

The carrier has been slashing costs and adjusting its route network after reporting on Aug. 16 its biggest first-half loss in at least two decades amid stiff competition from rivals.

It announced a non-binding deal to buy 32 Airbus A321neo aircraft valued at $4.064 billion at list prices on Aug. 21. That purchase was finalised on Wednesday, according to a stock exchange announcement.

Cathay also said on Wednesday it would switch six orders for A350-1000s to the smaller A350-900 model, saving $288 million based on list prices. The A350-900s will be delivered in 2019 and 2020, the airline said.

Cathay added it would defer the delivery of six A350-1000 aircraft to 2021 from 2020.

Release Reuters