cathay pacific posts 1st annual loss since 2008
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Cathay Pacific posts 1st annual loss since 2008

Arab Today, arab today

Arab Today, arab today Cathay Pacific posts 1st annual loss since 2008

Cathay Pacific Cargo aircraft takes off
Hong Kong - Arab Today

Cathay Pacific Airways has posted its first annual loss in almost a decade, blaming it on tough competition from rival airlines, slowing Chinese economic growth and a stronger currency.
The airline said Wednesday that it lost HK$575 million ($74 million) in 2016 compared with a HK$6 billion profit the year before.
The last time Cathay, Hong Kong’s biggest airline, had an unprofitable year was in 2008, when it lost HK$8.6 billion.
Revenue fell 9.4 percent to HK$92.7 billion.
The company said that “intense and increasing competition with other airlines was the most important factor” affecting its financial results.
It also was buffeted by economic factors including China’s slowdown, fewer tourists visiting Hong Kong and a stronger Hong Kong dollar, which is pegged to the US dollar. The airline said a stronger dollar makes the city more costly for visitors and reduces profits earned in other currencies when they are converted back.
“We expect the operating environment in 2017 to remain challenging,” Chairman John Slosar said in a statement.
The airline benefited from lower crude oil prices, which reduced fuel costs, its single biggest expense, by 15 percent. Revenue at its cargo business shrank 13.2 percent, with demand particularly weak on routes to Europe.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cathay pacific posts 1st annual loss since 2008 cathay pacific posts 1st annual loss since 2008

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cathay pacific posts 1st annual loss since 2008 cathay pacific posts 1st annual loss since 2008

 



GMT 08:17 2016 Wednesday ,24 August

Turkey launches anti-Daesh operation in Syria

GMT 18:08 2017 Sunday ,10 December

Bahrain arrests Iranian-backed terror suspect

GMT 16:58 2017 Friday ,06 January

DFWAC discusses women and children's protection

GMT 05:21 2017 Wednesday ,09 August

New China Premier Pledges Strong Ties with US

GMT 15:32 2017 Friday ,20 January

Obelix is the star of new Asterix adventure

GMT 00:03 2017 Tuesday ,02 May

HM King congratulates Dutch, Swedish kings

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy

GMT 21:23 2017 Saturday ,29 April

Daily News Bulletin

GMT 20:57 2017 Saturday ,11 February

FM meets US Congress delegation

GMT 05:51 2017 Sunday ,22 October

Centrepoint’s Autumn/Winter ’17

GMT 09:57 2018 Wednesday ,10 January

Future bloc: We are waiting for Hariri's return

GMT 07:26 2017 Tuesday ,19 December

EU demands extra effort

GMT 09:44 2017 Monday ,18 December

Worker in British embassy Found Strangled in Lebanon

GMT 15:03 2017 Saturday ,29 April

4 militants killed in eastern Algeria

GMT 14:38 2011 Friday ,25 November

Queen award for University

GMT 09:47 2017 Monday ,11 December

Amal Rizk happy for participating in new show

GMT 06:19 2017 Thursday ,19 October

Arab Monetary Fund, OECD sign MoU to boost cooperation

GMT 11:26 2017 Sunday ,23 April

US Supercarrier to Arrive in Sea of Japan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday