(Reuters) – Cathay Pacific Airways (0293.HK) is expecting a significant drop in its first-half results and has also cut capacity due to the coronavirus outbreak, it said on Monday.
Severe travel restrictions as a result of a coronavirus outbreak in China, which has caused about 1,770 deaths across mainland China, have led to a steep rise in flight cancellations.
“The first half of 2020 was already expected to be extremely challenging financially,” the company said in a statement.
“As a result of this additional significant drop in demand for flights and consequential capacity reduction caused by the novel coronavirus outbreak, the financial results for the first half of 2020 will be significantly down on the same period last year.”
Flight cancellations have led the number of customers seeking refunds to skyrocket. The airline has told those affected, including some air show delegates, that reimbursement could take up to six weeks.
The carrier, which is the most exposed…
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