Cathay hit by loss

Cathay hit by loss

CATHAY Pacific has been hit by its first back-to-back annual loss as the Hong Kong carrier fights increasing competition from low-cost Chinese rivals.

The airline has announced a net loss of HK$1.26 billion (A$204 million) for 2017, a deterioration from its loss of HK$575m in 2016.

Revenue rose 5% to HK$97 billion in 2017 but passenger yield per kilometre fell 3.3% HK$0.523.

Despite the loss, the company says its performance is improving, with the second half resulting in a profit of HK$792 million.

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Source: traveldaily