Cathay Pacific shares fall 5% as it axes profit outlook

Hong Kong

SHARES in Hong Kong flag carrier Cathay Pacific plunged almost 5 per cent on Thursday after it scrapped its profit outlook for the second half of the year, citing competition and overcapacity.

The Hong Kong-based firm said that it no longer expected business to improve in the latter half of the year - a departure from its previous forecast. Net profit for the first six months of the year stood at HK$353 million (S$63 million).