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

Hong Kong's troubled flagship airline Cathay Pacific swung to a USD 74 million loss in 2016, the firm said today, 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".