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Cathay Cuts Earnings Outlook as Travelers Avoid Hong Kong

  • Carrier says second-half financials will be lower than first
  • World’s worst-performing airline stock keeps falling
Cathay in Talks to Buy Shares in HNA-Backed Budget Carrier Hong Kong Express
Photographer: Paul Yeung/Bloomberg
Updated on

Cathay Pacific Airways Ltd. 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.

Second-half financial results will be lower than those of the first half, Hong Kong’s flag airline said in a statement Friday, reversing previous forecasts. Cathay also reported a second straight monthly drop in the number of passengers carried and warned of a “significant” decline in inbound bookings for the rest of this year, especially from China and other Asian markets.