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