Cathay Pacific expects a profit from last year to end its two-year net loss

HONG KONG - The Hong Kong-based airline Cathay Pacific expects to reach a profit of HK$2.3 billion ($293 million) for 2018, ending its two-year run of net loss, the company Wednesday said on a preliminary profit review.

According to statistics released by Cathay Pacific, after eight full-year successive profits, Cathay Pacific saw a net loss of HK$575 million ($73.26 million) for 2016 and HK$1.26 billion ($160 million) for 2017.

Cathay Pacific attributed its profit to capacity growth, a focus on customer service and improved revenue management.

"Load factors were sustained and yield improved despite competitive pressures. The cargo business was strong. Capacity, yield and load factors increased. The company's transformation program has had a positive impact," said Cathay Pacific on the review.

In 2017, the company launched a three-year transformation to make it more effective and competitive.

The annual results of last year will be announced in March, said Cathay Pacific on the profit review.