SINGAPORE - Cathay Pacific Airways cut its earnings outlook after passenger traffic fell for a second month as protests that have put intense pressure on the carrier continued to disrupt travel and business in Hong Kong.
"Our expectation is that rest of 2019 will remain incredibly challenging for the airline," chief customer and commercial officer Ronald Lam said in the statement."The mainland China market has been hit especially hard. Intense competition together with an increasing reliance on transit passengers over the short term has continued to apply additional pressure on yield."
Cathay, the world's worst-performing major airline in the past three months, continued to fall. The stock dropped 1.2 per cent to HK$10.06 at 1:02pm in Hong Kong, though it was little changed from where it was before the announcement.