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Cathay Pacific further lowers profit forecast

11/14/2019| 4:49:08 PM|

The airline group carried 2.74 million passengers in October, a drop of 7.1 per cent year on year.

The Cathay Pacific Group on Wednesday further lowered its full-year profit forecast, warning that the second half of 2019 would be “significantly below” the first six months of the year and the short-term outlook remained “challenging and uncertain”.

Hong Kong’s flagship airline group said last month its second half performance would only be below the first six months of the year, making it more likely to take an annual loss for the third time in four years.

Cathay Pacific, one of Asia's premium airlines, has been battered by the protest crisis in Hong Kong while suffering the lasting effects of punishment imposed by China’s civil aviation authority.

“We expect our second-half financial results will be significantly below those of our first-half,” said Ronald Lam Siu-por, the airline’s chief customer and commercial officer, said on Wednesday in an update on the company’s performance in October. “The short-term outlook remains challenging and uncertain.”

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