SYDNEY - Hong Kong's Cathay Pacific Airways said on Wednesday it expects to report a substantial loss in the first half of this year and slash more capacity as the coronavirus outbreak erodes travel demand, after posting a drop in 2019 earnings.
Cathay's performance in the second half of 2019 was hit by widespread, sometimes violent anti-government protests in Hong Kong. It also faced mounting Chinese scrutiny after some staff supported the demonstrations. The airline said that at the end of February, planes were flying half-full despite capacity cuts of 30 per cent and air fares had also fallen significantly compared to the prior year.
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