Cathay Pacific Abandons Forecast, Conducts ‘Critical Review’
- Critical review done to improve revenues, reduce costs
- Second-half results won’t be better than first-half numbers
Why Cathay Pacific Is Scrapping Its Profit Forecast
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Cathay Pacific Airways Ltd., Asia’s biggest international carrier, scrapped its profit outlook and said the airline is doing a "critical review" of its business amid a deteriorating outlook.
The airline’s result in the second half of the year "is no longer expected" to be better than that of the first half, Hong Kong-based Cathay Pacific said in a statement Wednesday. In August, the carrier reported an 82 percent drop in net income in the first six months of the year and warned that premium travel was declining.