Cathay Pacific’s Profit Drops 28% in 2019 Amid Anti-Government Protest in HK By

© Reuters.

By Alex Ho – Cathay Pacific’s profit dropped 28% in 2019 and said it expected net income to fall again for the first half in 2020. 


The airline said in a statement on Wednesday that anti-government in Hong Kong, which intensified in the second half of last year, has hurt travel demand. 


It added that it expects a “substantial loss” for the first half in 2020 due to the coronavirus outbreak. 


Cathay Pacific has already cut its capacity to mainland China by 90% and requested its staff to take unpaid leave. Earlier this month, the International Air Transport Association said the industry could take a $113 billion in lost revenue this year due to the impact caused by the coronavirus outbreak. 


Despite the result, Cathay Pacific’s shares gained 1.9% to HK$10.06 by 12:05 AM ET (04:05 GMT). 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.