Hong Kong carrier Cathay Pacific swings to US $74 million loss – Hong Kong's Cathay Pacific airline in loss because of intense competition
(DNA Research & Archives)
Hong Kong's troubled flagship airline Cathay Pacific swung to a US $74 million loss in 2016, the firm said on wednesday, citing "intense competition" from rival carriers.
Low-cost carriers from mainland China ate in to Cathay's market share and demand from business passengers fell as the firm prepares a wholesale review of its operations, said chairman John Slosar, who added that 2017 would be similarly "challenging".
