Hong Kong's Cathay posts $262M 1H loss on fierce competition

Hong Kong airline Cathay Pacific is reporting one other loss as fierce competitors from rivals took an extra toll.

The airline stated Wednesday that it misplaced 2.1 billion Hong Kong dollars ($262 million) within the first six months of the yr, in contrast with a HK$353 million revenue from the earlier yr.

It stated income was almost flat at HK$forty five.9 billion ($5.7 billion).

Cathay Pacific, Hong Kong’s largest service, has been struggling financially.

Earlier this yr it introduced it was embarking on sweeping layoffs after posting its first annual loss in almost a decade.

The corporate stated in Might it might axe virtually 600 jobs, together with one hundred ninety managers, from its sixteen,500-robust workforce in its largest spherical of cuts since 1998.

Source link