Cathay slumps to full year loss

Aviation powerhouse Cathay Pacific Airways has slumped to just the third annual loss in its 70-year history as intense competition and overcapacity hit yields while economic jitters affected demand in crucial business markets.

Cathay reported a net loss of HK$575m (A$98m) for the 12 months to December 31 2016, slumping into the red from net profit of HK$6bn (A$1bn) in the prior corresponding period. It was the first annual loss since 2008. Revenue declined 9.4 per cent to HK$92.8 bn (A$15.8bn), Cathay said on March 15.