Cathay Pacific 2019 profits plunge, predicts virus losses

Cathay Pacific on Wednesday said profits plunged in 2019 as it reeled from political unrest in Hong Kong, while it warned financial losses lay ahead owing to the spread of the new coronavirus. The flagship carrier was battered throughout the second half of last year as violent pro-democracy protests raged for months in Hong Kong, sparked by widespread public anger at Beijing’s rule.

The demonstrations, which saw battles between police and protesters rage for seven straight months, hammered tourist arrivals into the city, traditionally one of the world’s busiest transport hubs. On Wednesday the flagship carrier reported an attributable profit of 1.7 billion HK dollars (USD 220 million) for 2019, a significant drop from the 2.3 billion HK dollars it made in 2018. And it warned of slipping into the red as airlines around the world suffer the huge travel disruptions caused by the rapid global spread of the deadly coronavirus.