Cathay Pacific Airways reports its first back-to-back loss since the company’s founding in 1946. Last year, the carrier reported an estimated $500 million HKD and today, it is now triple that. The carrier blames the losses to its competitors in Hong Kong and China. The total loss sums up to $1.26 billion Hong Kong dollars ($161million USD). Cathay Pacific is also on its 3-year cost-cutting phase. According to the chairman, he said: “Our priorities for 2018 are our transformation program, changing the way that we work, so as to better contain costs which will strengthen our passenger’s business further.” What do you think of the current state of the airline and its struggles?
Sources- BBC, AFP