Cathay Pacific Airways loss doubles on intense competition
Cathay Pacific’s losses more than doubled last year because of rising fuel costs and relentless competition, the Hong Kong airline said Wednesday.
The airline posted a 1.26 billion Hong Kong dollar ($160 million) loss for 2017, compared with a HK$575 million loss the year before. Revenue rose 5 percent. “Fundamental structural changes within the airline industry continued to create a challenging operating environment for our airline businesses,” Chairman John Slosar said.
Cathay Pacific Airways Ltd, Hong Kong’s biggest airline, also operates regional carrier Cathay Dragon.
The company has been under pressure from rivals including budget airlines around Asia and stateowned mainland Chinese carriers, which have been flooding key routes with passenger seats and driving down prices. (AP)