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Hong Kong carrier Cathay Pacific swings to US$74mn loss

Wednesday, Mar 15, 2017,11:26 IST By anju A A A

Hong Kong | Hong Kong’s troubled flagship airline Cathay Pacific swung to a USD 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”.