Cathay Pacific Airways loss doubles on intense competition - InfoNews

Current Conditions

Mostly Cloudy
11.3°C

Cathay Pacific Airways loss doubles on intense competition

March 13, 2018 - 9:56 PM

Hong Kong airline Cathay Pacific says its losses more than doubled last year because of rising fuel costs and relentless competition from rival carriers.

The airline said Wednesday it 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 per cent.

The company said that "fundamental structural changes within the airline industry continued to create a challenging operating environment for our airline businesses."

Cathay Pacific, Hong Kong's biggest airline, also operates regional carrier Cathay Dragon.

The company has been under pressure as other Asian airlines flood key routes with seats.

Last year it carried out its biggest round of layoffs in two decades, dismissing nearly 600 staff at its headquarters.

News from © The Associated Press, 2018
The Associated Press

  • Popular kamloops News
  • Comments
View Site in: Desktop | Mobile