Airline Shares Plunge; Cathay Pacific to Close Vancouver Cabin Crew Base
Investing.com
Published Mar 06, 2020 02:09AM ET
By Alex Ho
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Investing.com - Airline shares plunged in Asia on Friday after the after the International Air Transport Association (IATA) forecasted on Thursday that airlines could lose up to $113 billion in revenue this year if the coronavirus continues to spread.
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The last time the industry faced such revenue shock was in 2009 during the global financial crisis, IATA Chief Economist Brian Pearce said at a media briefing in Singapore, adding that this fall would translate to 11%-19% of worldwide passenger revenue loss.
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Following the news, Australia’s Qantas Airways Ltd (ASX:QAN) plunged 8.1% by 2:00 AM ET (06:00 GMT), while Japan’s ANA Holdings Inc (T:9202) was down 3.7%.
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Over in South Korea, Korean Air Lines Co (KS:003490)’s stock plummeted 5.2%. Hong Kong-listed shares of China Eastern Airlines Corp Ltd (HK:0670) Ltd also slid 3.2%.
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In other news, Hong Kong’s Cathay Pacific Airways said today that it was closing its Vancouver cabin crew base as a result of lower demand due to the coronavirus.
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The airline is laying off 147 crew members as part of an ongoing business review.
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Shares of Cathay Pacific Airways Limited (HK:0293) dropped 3.6% to HK$9.93 today.
Written By: Investing.com
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