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Cathay Pacific Airways's operating environment remained challenging in the first half of the year, Chief Executive Officer Rupert Hogg said, dashing expectations of an early recovery for the carrier that's cutting jobs following the first annual loss in eight years. Cathay Pacific shares have rallied 23 percent this year as the airline embarked on a three-year transformation that included eliminating 600 jobs in the company's biggest revamp in two decades. Challenges at Hong Kong's marquee airline and its rival Singapore Airlines show how some of Asia's biggest airlines are faring amid intense competition from Chinese and Middle Eastern rivals, and a surge in capacity that is pummeling ticket prices. Cathay Pacific is expected to report a full-year loss of HK$1.44 billion (US$185 million) this year, according to the average estimate of 18 analysts compiled by Bloomberg. Hong Kong's Swire Group owns 45 percent of Cathay Pacific. Read original article |
