BOCOM International analyst Luya You on Friday said further cuts might be needed in 2020 and even 2021 given there was no way of determining a timeline for when the political turmoil in Hong Kong would be resolved.
Inbound traffic to Hong Kong was down 38 per cent in September, unchanged from August, with demand from the mainland Chinese market hit especially hard, the airline said. The 7.1 per cent fall in passenger numbers in September was better than the 11.3 per cent drop in August, but Cathay said an increasing reliance on transit passengers had affected its yields - a measure of the average fare paid per kilometre per passenger.BOCOM's You said even if passenger numbers outside China appeared to stabilise in the coming months, that was likely to come at the cost of significantly lower fares.
Cathay also said cargo volumes fell 4.4 per cent in September, but that there were signs of improvement as it headed into air freight's traditional high-demand season.
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