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Cathay Pacific Shares Reach 7-Year Low With Outlook Scrapped

  • Airline conducting ‘critical review’ to improve performance
  • Jefferies expects Cathay to report losses in second half, 2017
ACathay Pacific Boeing 747 plane taxiing upon its arrival at Hong Kong International Airport.
Photographer: Laurent Fievet/AFP via Getty Images
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Cathay Pacific Airways Ltd. shares tumbled in Hong Kong to the lowest level in more than seven years after Asia’s biggest international carrier scrapped its profit outlook and said it is conducting a "critical review” of its business.

The stock fell 4.7 percent to HK$10.26 on Thursday, the lowest level since July 2009, making Cathay Pacific the day’s worst performer on Hong Kong’s Hang Seng Index. The company, which reported an 82 percent slump in net income in the first six months of the year, said in a filing Wednesday that the second half “is no longer expected” to be better.