Second-half financial results will be lower than those of the first half, Hong Kong’s flag airline said in a statement Friday, reversing previous forecasts.

Cathay also reported a second straight monthly drop in the number of passengers carried and warned of a “significant” decline in inbound bookings for the rest of this year, especially from China and other Asian markets.

“Our expectation is that rest of 2019 will remain incredibly challenging for the airline,” Chief Customer and Commercial Officer Ronald Lam said in the statement.

“The mainland China market has been hit especially hard. Intense competition together with an increasing reliance on transit passengers over the short term has continued to apply additional pressure on yield.”

The comments deal another blow to an airline buffeted by the protests in Hong Kong. Chinese regulators clamped down on Cathay after some employees took part in demonstrations, and the company’s decision to subsequently fire staff and warn workers about supporting the pro-democracy movement angered activists.

The airline appointed a new chief executive and chairman after their predecessors resigned amid the unrest.

Cathay, the world’s worst-performing major airline in the past three months, continued to fall. The stock dropped 1.2% to HK$10.06 at 1:02pm in Hong Kong, though it was little changed from where it was before the announcement.