Cathay Pacific profit drops, more pain ahead
The first half of 2020 is expected to be extremely challenging financially, admits the company
Stocks impacted: Cathay Pacific (CPCAY)
Cathay Pacific announced it made a profit of HK$344 million in the second half of 2019. Annual profits dropped 28% to HK$1.7 billion last year on revenue of HK$107 billion. This year, amid the spread of the coronavirus, the company has already significantly shrunk capacity, cutting all flights by 30% in February and 65% in March and April. Moreover, Cathay Pacific said more reductions are expected in May as it continues to monitor demand. The first half of 2020 is expected to be extremely challenging financially, admits the company. The airline's shares have dropped nearly13% so far this year. On Wednesday, Cathay Pacific stocks closed 1.93% higher in Hong Kong.
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