Cathay Pacific records first ever back-to-back annual loss

Cathay Pacific Group has reported its first back-to-back annual loss since the company was founded in 1946. The Hong Kong flag-carrier blamed intense competition from low-cost Chinese carriers and higher fuel prices for the result. Losses totalled HK$1.26bn, or £115 million, for the year to December. In March last year the carrier posted its first annual loss in eight years, of HK$575 million. In response, Cathay is part way through a huge three-year cost cutting programme. The loss per share for 2017 was HK32 cents, compared to a loss per…

Read More