HONG KONG - Cathay Pacific Airways reported its first loss in eight years and scrapped plans for a second-half dividend after competition from Chinese airlines and losses from fuel hedging dented earnings. The net loss totalled HK$575 million (US$74 million) in 2016, Hong Kong-based Cathay said in a statement Wednesday. Analyst projectionsIn the Bloomberg News survey, analysts had predicted results ranging from a profit of HK$1.5 billion to a net loss of HK$1.5 billion. The company was expected to pay a second interim dividend of 27 Hong Kong cents, according to estimates by Bloomberg. Cathay said passenger yield in 2016 fell 9.2% to 54.1 Hong Kong cents, while losses from fuel hedging totalled HK$8.46 billion in the year, versus HK$8.47 billion in 2015.

Source: Bangkok Post March 15, 2017 04:30 UTC