Cathay to cut seat capacity as Hong Kong unrest weighs on demand [Business News Network (BNN) Energy & Resources (Canada)]
CATHAY PAC AIRWAYS S/ADR (CPCAY)
NASDAQ:AMEX Investor Relations:
cathaypacific.com/cx/en_us/about-us/investor-relations/financial-briefings.html
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Source: Business News Network
Cathay to cut seat capacity as Hong Kong unrest weighs on demand Cathay Pacific Airways Ltd. plans to reduce seat capacity next year as Hong Kong’s flag carrier continues to suffer from falling visitor numbers amid the protests that have gripped the city for months. The airline will cut seat capacity 1.4 per cent next year, according to an internal memo seen by Bloomberg News. In September, the company still planned to expand capacity by 3.1 per cent next year, according to the document. The reduction is “absolutely necessary because we don’t believe that in the current environment we can continue to operate a full schedule profitably,” Chief Executive Officer Augustus Tang said in the memo. Cathay has been badly hit by months of protests. On Nov. 13, the company issued its second profit warning in less than a month as visits to Hong Kong wane. Second-half financial results will be “significantly” lower than in the first, the company said at the time. Cathay representatives didn’t ret
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