Cathay Pacific lowers full-year profit expectations

Hong Kong’s Cathay Pacific Airways Ltd on Friday lowered its expectations for full-year profit as a result of “incredibly challenging” conditions in its home market that were expected to persist for the rest of 2019.

The airline reported a 7.1% drop in passenger numbers for the month of September as travellers avoided Hong Kong due to widespread anti-government protests and said its second-half financial results were expected to be below the first half.

Cathay in August reported a HK$1.347 billion ($171.75 million) first-half profit. At that time, it said second-half profits were expected to be higher than the first-half, as is typically the case for the airline, based on seasonality.

Reuters