Cathay Pacific falls 2% after chief exec brands H1 ‘disappointing’

Cathay Pacific fell 2.2% after its CE said the airline’s performance in H1 continued to be “disappointing” as competition from other carriers put downward pressure on yield and revenue. In a statement outlining the carrier’s June traffic figures, chief executive Rupert Hogg said the operating environment this year had remained challenging, as forecast when the company released 2016 earnings showing the first annual loss in eight years. Hogg said: "Our airlines’ performance in the first half of 2017 continued to be disappointing. In particular, strong competition from other airlines put intense and increasing pressure on passenger yield and revenue.<br/>Cathay Pacific and Cathay Dragon passenger numbers for the first six months of the year fell 0.5% year on year, while figures for June slipped 2.1% to 2.8m. Cargo fared better with tonnage rising 11.5% in the first six months of the year.<br/>