Cathay Pacific warns of substantial H1 loss, slashes more capacity [Reuters]
CATHAY PAC AIRWAYS S/ADR (CPCAY)
NASDAQ:AMEX Investor Relations:
cathaypacific.com/cx/en_us/about-us/investor-relations/financial-briefings.html
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Source: Reuters
Cathay Pacific warns of substantial H1 loss, slashes more capacity SYDNEY (Reuters) - Hong Kong’s Cathay Pacific Airways ( 0293.HK ) said on Wednesday it expects to report a substantial loss in the first half of this year and slash more capacity as the coronavirus outbreak erodes travel demand, after posting a drop in 2019 earnings. It posted a net profit of HK$1.69 billion ($218 million) for the year ended December 2019, down 28% from a HK$2.35 billion profit in 2018. That was in line with an average estimate of HK$1.63 billion from 11 analysts polled by Refinitiv. Cathay’s performance in the second half of 2019 was hit by widespread, sometimes violent anti-government protests in Hong Kong. It also faced mounting Chinese scrutiny after some staff supported the demonstrations. The airline is now grappling with a fresh crisis due to the coronavirus and said it has slashed capacity across its network by 65% in March and April, up from earlier plans for a 40% cut, as travel demand has
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