Hong Kong's Cathay Pacific Airways said on Wednesday it expects t...
FILE PHOTO: A passenger walks to the First Class counter of Cathay Pacific Airways at Hong Kong Airport in Hong Kong, China April 4, 2018. REUTERS/Bobby Yip
It posted a net profit of HK$1.69 billion 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. 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 been hit globally.
“Travel demand has dropped substantially and we have taken a number of short-term measures in response,” Cathay Chairman Patrick Healy said in a statement.
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