Capacity to fall by 65% in March and April, up from 40%
Capacity to fall by 65% in March and April, up from 40%
Planes flying half-full at finish of Feb, fares down
Has liquidity of HK$20 bln, expects to stay going concern
Provides particulars of capability cuts, chairman remark
SYDNEY, March 11 (Reuters) – Hong Kong’s Cathay Pacific Airways 0293.HK mentioned on Wednesday it expects to report a considerable loss within the first half of this 12 months and slash extra capability because the coronavirus outbreak erodes journey demand, after posting a drop in 2019 earnings.
It posted a internet revenue of HK$1.69 billion ($218 million) for the 12 months ended December 2019, down 28% from a HK$2.35 billion revenue in 2018. That was in step with a mean estimate of HK$1.63 billion from 11 analysts polled by Refinitiv.
Cathay’s efficiency within the second half of 2019 was hit by widespread, typically violent anti-government protests in Hong Kong. It additionally confronted mounting Chinese language…