Troubled Cathay loses $262m in H1

Hong Kong: Hong Kong flag carrier Cathay Pacific on Wednesday reported a massive net loss of HK$2.05 billion ($262.07 million) for the first half of the year as the airline struggled with intense competition from rivals.
The results, which were far worse than analysts predicted, came after Cathay saw its first annual loss in eight years in 2016, as lower cost Chinese carriers eat into its market share.
Chairman John Slosar described the results as “disappointing” to reporters.
Bloomberg analysts had forecast a loss of HK$1.2 billion ($153 million).
Slosar said competition was the “most significant” factor in a statement to the Hong Kong exchange. — AFP