Cathay Pacific Airways is set for a profit, ending two years of annual losses fueled by competition from mainland and low-cost carriers.

The Hong Kong-based premium airline expects a profit of HK$2.3 billion ($293 million) for 2018, versus a loss of HK$1.26 billion the previous year, it said in a filing Wednesday.

The carrier, which kicked off a three-year transformation program to revive earnings, gained from improved revenue management, a strong cargo business and growth in capacity, it said in the statement.

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