The carrier saw losses rise to £115 million from the previous year’s deficit of £52.5 million. The airline made a profit of £72 million in the second half of 2017, but this was not enough to offset a £187 million deficit in the first six months.
The carrier said that “fundamental structural changes within the airline industry continued to create a challenging operating environment” last year. Cathay said overcapacity in passenger markets, intense competition and high fuel prices had contributed to the situation but that a weaker US dollar and improved premium class demand had helped.
