Cathay Pacific says 'tremendous pressure' on yields as travel demand falls

Hong Kong's Cathay Pacific Airways said Thursday that yields, a proxy for airfares, have come under "tremendous pressure" due to declining travel demand, especially to and from long-haul destinations. "Whilst we have seen solid improvement in the first half driven by a good first quarter, our passenger revenue outlook for the coming few months has shown signs of slowdown," Cathay Pacific Director, Commercial and Cargo, Ronald Lam said in a statement alongside the airline's May traffic figures. The airline said its cargo business continued to be negatively affected by geopolitical tensions that had resulted in dampened market sentiment. Freight carried declined by 3.9% in May and is down 5% for the first five months of the year, Cathay Pacific said.<br/>