China Eastern, Cathay downgrade 1Q forecast

China Eastern Airlines (MU) and Cathay Pacific Airways (CX) have downgraded their first-quarter profit forecasts citing the slowdown of market demand.


Cathay Pacific Airways China Eastern Airlines CX MU profit forecast


China Eastern Airlines (MU) and Cathay Pacific Airways (CX) have downgraded their first-quarter profit forecasts citing the slowdown of market demand due to global economic uncertainties, political turmoil in Middle East and high fuel prices.

MU expects its first-quarter profit to drop by more than half from CNY1.01 billion (US$155.8 million) reported in the year-ago quarter. CX said it may have to park aircraft and reduce the number of flights if weakening demand and high fuel costs persist.