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Cathay Pacific on turnaround path after annual loss below expectations

Reuters  |  SHANGHAI/SINGAPORE 

By Brenda Goh and Jamie FreedSHANGHAI/SINGAPORE (Reuters) - Cathay Pacific posted a smaller than expected annual loss due to a rebound in the cargo market, moderating ticket price falls and lower fuel hedging losses, prompting analysts to call that the worst was over for the Hong Kong airline.Poor hedging bets on fuel prices and fierce competition from mainland Chinese and Middle Eastern rivals have hurt Cathay, pushing it into losses for the past two years and forcing the airline to undertake a three-year turnaround programme targeting HK$4 billion ($510.12 million) in savings.While analysts ...

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First Published: Wed, March 14 2018. 15:41 IST
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