Cathay Pacific in its first back-to-back loss in 71 years

From BBC - March 13, 2018

Hong Kong's flagship carrier Cathay Pacific has posted its first back-to-back annual loss since the company was founded in 1946.

The airline blamed intense competition from low-cost Chinese carriers and higher fuel prices, among other issues, for the result.

Losses came to 1.26bn Hong Kong dollars ($161m; 115m) for the year to December, the firm said.

Cathay is part way through a huge three-year cost cutting programme.

In March last year, it posted its first annual loss in eight years.


Continue reading at BBC »