Pursuits
Cathay Drops After CEO Says Performance ‘Below Expectations’
- Passenger yield under intense pressure, Ivan Chu says
- Growth in fliers fails to keep pace with capacity increase
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Cathay Pacific Airways Ltd. slumped the most in three weeks after Asia’s biggest international carrier said first-half performance was “below expectations” and yields were under “intense pressure.”
Shares snapped six days of gains after the Hong Kong-based airline said in a statement to the stock exchange on Monday that combined passenger load factor for Cathay Pacific and unit Dragonair fell by 1.7 percentage points to 85.5 percent in the period. While the capacity increased 4.2 percent, the growth in passenger traffic was 2.7 percent, it said.