Cathay Pacific warns of disappointing H1
HONG KONG, May 9 – Cathay Pacific Airways Ltd , Asia’s No.4 carrier by market value, warned that earnings for the first half of this year are expected to be disappointing and said it is cutting costs where possible, including by reducing capacity.
The world’s airlines have been hit by a “double-whammy” of rising oil prices and an uncertain global economy, forcing some to scale back operational resources.
Cathay Pacific said in a statement to the Hong Kong stock exchange that pressure on economy class yields continued and there had been some softening in premium class yields. – Reuters