Cathay Pacific's logo seen in Hong Kong International Airport in March Photo: VCG

A group of Asian airlines have canceled an annual gathering of their executives next week due to the "unpredictability" of the situation in Hong Kong, they said late on Wednesday.

Hong Kong rioters on Wednesday paralyzed parts of the Asian financial hub for a third consecutive day, with some transport links, schools and many businesses closing after an escalation of violence.

Cathay Pacific Airways, which had planned to host the Association of Asia Pacific Airlines (AAPA) Assembly of Presidents, on Wednesday lowered its profit guidance for the second time in less than a month, citing the "challenging and uncertain" situation due to the ongoing protests in its home market.

"This was a very difficult decision, given our commitment to organize this important industry event, but reflects the unpredictability of the situation in Hong Kong," AAPA and Cathay Pacific said of the cancellation in a joint statement to delegates.

"At the same time, the well-being of our delegates and guests has always been of paramount importance."

Senior executives from major Asian airlines such as Japan Airlines, ANA Holdings Inc, Korean Air Lines Co, Vietnam Airlines JSC, and manufacturers Airbus and Boeing had been expected to attend the event.

The cancellation came just over a week after major, back-to-back conferences on air finance, a key growth area for Hong Kong. 

The Airfinance Journal and Airline Economics events went ahead smoothly, albeit with a marked drop in attendance compared to previous years.

Several aircraft finance executives at those events said there were concerns about the impact of the ongoing protests in Hong Kong, but some Western companies including US lessor Air Lease Corp reaffirmed their presence in the city, which is seen as a gateway to the fast-developing market of the Chinese mainland.

For Cathay Pacific, the Hong Kong carrier, some analysts have already forecast it will report a loss in the second half.