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Asia Pacific
Economic slowdown hits Cathay profits
Cathay Pacific has reported an 82% drop in half-year profits, to HK$353 (£34.9m).
Revenue for the six months to 30 June fell 9.2% to HK$45.68bn.
The airline said the poor figures were due to a slow down in global economic growth, with is affecting corporate travel and demand for premium-class seats.
Chairman John Slosar said: "The operating environment in the first half of 2016 was affected by economic fragility and intense competition.
"The slowdown in the mainland China economy caused restrictions to be placed on corporate travel.
"This adversely affected premium class demand, particularly on long-haul routes."
He said the outlook for the business is ‘challenging’.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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