Cathay Pacific warns of dire effects of Covid-19 on revenue
The airline has cut capacity to mainland China 90% and reduced its entire international network by about 40% because of the coronavirus
New Delhi/Hong Kong/Jakarta — Cathay Pacific Airways has predicted a substantial loss for the first half of 2020, becoming the latest high-profile carrier to warn about the mounting financial toll of the coronavirus deterring people from travelling.
The warning came as Cathay said its net income tumbled 28% to HK$1.69bn ($218m) in 2019, slightly better than the average estimate of six analysts tracked by Bloomberg. Profit in the traditionally stronger second half was only HK$344m as unrest in Hong Kong and US-China trade tension intensified...