Cathay Pacific posts first loss since 2008 amid rising competition

Singapore

CATHAY Pacific Airways Ltd reported its first loss in eight years and scrapped plans for a second-half dividend after competition from Chinese airlines and losses from fuel hedging dented earnings.

The net loss totalled HK$575 million (S$105 million) in 2016, while sales dropped 9.4 per cent to HK$92.8 billion, Hong Kong-based Cathay, Asia's largest international airline, said in a statement on Wednesday. Jefferies Group LLC said the losses could continue in the current year as well.