Adds particulars; paragraphs 2,3,6
Adds particulars; paragraphs 2,3,6
SYDNEY, Nov 29 (Reuters) – Hong Kong provider Cathay Pacific Airways Ltd 0293.HK plans to chop capability by 1.4% subsequent yr, reversing an earlier plan for a lift of three.1% due to a difficult enterprise outlook, an inside memo seen by Reuters confirmed.
The plan comes after the corporate this month reduce its second-half revenue steering for the second time, after extended anti-government protests that started in Hong Kong in June.
“Given the rapid industrial challenges and the truth that our place has deteriorated in current weeks, we should take swift motion to regulate our price range working plan for 2020 downwards once more,” Chief Government Augustus Tang stated within the memo.
“Put one other method, relatively than rising our airline in 2020, for the primary time in a very long time, our airline will scale back in dimension.”
A Cathay consultant stated the airline had no remark.
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