Slowdown hits Cathay Pacific

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"In the current environment, you can't make firm plans for too long. You have to be flexible," he said.

Cathay has frozen hiring and cut back on flights to reduce costs as business and leisure travel slows.

What business travel there is provides lower margins to airlines.

Merrill Lynch, UBS and JPMorgan have told senior employees in Asia to fly economy on short-haul flights and cut non-essential travel.

Cathay Pacific has reduced flights to North America this year, but has added more services to Australia and the Middle East. Tyler says there are no plans for further capacity cuts.

The airline's corporate travel volume in all classes is "of concern", the carrier says.

Merrill forecasts that Cathay will post a net loss of HK$3.3 billion (£290.6 million) this year.