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Hong Kong protests cost Qantas AUD25 million
Qantas has taken a A$25 million hit to profits due to Hong Kong’s civil unrest.
Qantas says there has been a significant impact to bookings as foreign travellers have stayed away.
The airline has trimmed capacity by downsizing aircraft on some routes which effectively cut capacity by 7%.
This came after revenues on Hong Kong routes slumped by 10%.
Qantas flies daily to Hong Kong from Melbourne and Brisbane and twice a day from Sydney.
"Protests in Hong Kong will negatively impact the Group’s first half profit performance by A$25 million, with ongoing capacity reduction in place to minimise the second half impact," Qantas said in a stock exchange filing.
Qantas also said a weakening global economy will see lower demand for the cargo business which will result in a fall of about A$30 million for the full 2019-20 financial year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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