SHANGHAI, March 15 (Reuters) - Cathay Pacific Airways
on Wednesday reported its first full-year loss since
the 2008 global financial crisis, as overcapacity and mounting
competition from mainland Chinese carriers continued to drag on
The Hong Kong carrier posted a net loss of HK$575 million
($74.01 million) for 2016, versus a profit of HK$6 billion a
year ago. This is only the third time the company has posted a
full-year loss since it was founded in 1946.
The results fell significantly short of an average estimate
for a net income of HK$384.86 million from 13 analysts polled by
Thomson Reuters. Thomson Reuters Starmine SmartEstimate had
forecast a much lower profit of HK$27.10 million.
($1 = 7.7689 Hong Kong dollars)
(Reporting by Brenda Goh; Editing by Himani Sarkar)