GCTL8.com (FocusAsia Media Ltd)
HONG KONG, Mar 16 (FAM) – Hong Kong’s Cathay Pacific posted its first full-year loss since the global financial crisis as intense competition and increased capacity hit revenue with a net loss for 2016 of HK$575 million (US$74 million), from a HK$6 billion profit the previous year.
Annual revenue was down 9.4 percent to HK$92.75 billion (US$11.94 billion) as regional competitors ramped up capacity. Cathay blamed “intense and increasing competition” as the biggest drag on performance, with mainland Chinese carriers launching more direct flights to international destinations. Competition from low cost carriers increased, with overcapacity a particular problem, Cathay said.