May 22 (UPI) -- Cathay Pacific Airways Ltd. announced the elimination of 600 positions in a statement on Monday following its first reported loss in eight years.
The Hong Kong-based airline is Asia's largest, but is in intense competition for a booming market with local low-cost airlines and carriers from the Chinese mainland, as well as new entrants to Asia from the Middle East, including Emirates Airlines. A competitor, Singapore Airlines Ltd., announced a quartely loss last week, as well as a "wide-ranging review" of its business model.