Economic news

Cathay Pacific faces its first annual loss in eight years

Hong Kong's airline Cathay Pacific has reported its first annual loss since the global financial crisis.

According to airlines, a large number of empty seats and rising competition from mainland China contributed to the negative results of the company.

The net loss amounted to HK$575 million for 2016, compared with a profit of HK$6 billion a year earlier.

In early trading airline's shares fell by 7%, but then recovered.

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