Hong Kong’s lead bearer Cathay Pacific has presented its first back-on back yearly loss since the firm was established in 1946.

The airline blamed exceptional rivalry from low-co Chinese carriers and higher fuel costs, among different issues, for the outcome.

Losses came to $161m for the year to December, the firm said.

Cathay is part way through a colossal three-year cost cutting system.

In March a year ago, it posted its first yearly loss in eight years.

The airline works basically in Asia, Europe and North America, yet is confronting some of its hardest rivalry from low-cost Chinese carriers, among others, on courses covering Hong Kong, mainland China and across South East Asia.

“Overcapacity in passenger markets led to intense competition with other airlines and continued pressure on yields on many of our key routes,” the firm said in a statement.

Cathay’s cargo business, nonetheless, saw “robust demand ” amid the year, it stated, and there was some change in its top-notch passenger sector.

The organization likewise said it saw a positive second half of the year, with loses in that period lower than those in every one of the two going before half years.

Cathay’s Hong Kong-listed shares were up over 1% in early afternoon exchange.