SYDNEY (Reuters) – Hong Kong’s Cathay Pacific Airways Ltd (0293.HK) plans to cut 30% of its global capacity over the short-term, including 90% of capacity to mainland China as it grapples with a sharp fall in demand due to the coronavirus epidemic, its CEO said on Tuesday.
“We will monitor the situation closely and adjust accordingly,” Cathay Chief Executive Augustus Tang said in a memo to staff seen by Reuters.
The South China Morning Post first reported the planned capacity cuts.
(This story corrects CEO first name in para 2)
Reporting by Jamie Freed, editing by Louise Heavens