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).
