Cathay Pacific Airways, Asia s largest international airline, saw its net loss more than double to HK$. billion US$ million in , marking the carrier s first back to back loss in its year history. The poor performance was better than many had expected however, and signalled the business was on .Hong Kong s flagship carrier Cathay Pacific has posted its first back to back annual loss since the company was founded in . The airline blamed intense competition from low cost Chinese carriers and higher fuel prices, among other issues, for the result. Losses came to .bn Hong Kong dollars .Hong Kong based Cathay Pacific announced a loss of $. billion HKD $ million USD , nearly triple the $ million HKD $. million USD loss reported a year ago. This loss signifies the airline s first back to back loss in years, mainly due to intense competition and overcapacity in the region..A first in its year history Cathay Pacific may wish to forget the Hong Kong based carrier has racked up a successive loss. Not only that, but the South China Morning Post reports this latest loss is its steepest in nine years, at $m over the course of . That said, the cargo division has no reason to .
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