Cathay Pacific Airways is finally seeing some respite from its earnings woes.
Mr Hogg also has cut 600 jobs as part of a three-year revamp, and taken delivery of newer aircraft to help Cathay become more competitive against low-priced and Chinese mainland carriers.
Asia's biggest global carrier reported a surprise profit in the second half of 2017, with a pick-up in cargo and premium-travel demand helping narrow the full-year net loss to HK$1.26 billion ($161 million).
The company had been hit by intense competition from rival airlines and higher fuel prices, chairman John Slosar said.
Cathay reported today a net loss of HK$1.26 billion (RM627.4 million) for 2017, wider than the prior year's loss of HK$575 million but smaller than an average loss estimate of HK$2.15 billion drawn from 11 analysts polled by Thomson Reuters.
There was no mention of further cuts in Wednesday's announcement but Slosar said the company's "transformation programme" was still a priority for 2018, promising to "better contain costs" to boost passenger business.
Several one-off factors impacted its results, including a HK$244 million gain on the deemed partial disposal following Air China's issue of A shares resulting in the dilution of Cathay's stake. A slower rate of decline in passenger yields also supported the improved result.
Cathay suffered a HK$2.05 billion in the first six months of the year but that was narrowed by a healthy second-half, when it shifted into the black. The Hong Kong-based carrier posted a loss of HK$928 million in the second half of 2016. "There's concern whether this is sustainable" given uncertainties due to a possible trade war after the USA increased tariffs on aluminum and steel, he said.
The airline is also under pressure from Middle East rivals, which are expanding into Asia and offering more luxury touches.
Fuel hedging costs fell to HK$6.38 billion in 2017 from HK$8.45 billion the previous year.
The carrier has since shortened the contracts' lock-in period to two years from four. Revenue grew 4.9 per cent to HK$97.28 billion.
The company has been in talks with its pilots over compensation, frozen pay for senior staff, and increased the number of economy seats on some planes as part of its efforts.