Cathay Pacific Invests in Long-Haul Fleet as Budget Unit Suffers

Cathay Pacific Airways Ltd. is doubling down on its long-haul expansion with the first purchase of Boeing Co. widebody aircraft in a dozen years, while it struggles closer to home with its HK Express unit suffering from a sharp drop in regional demand.

The airline said it will buy 14 additional Boeing 777-9 jets, with an option to buy seven more of the US company’s largest airliner, confirming an earlier report by Bloomberg News.

Cathay announced the order as it reported first-half results that disappointed investors, prompting the shares to tumble the most in almost 17 years in intraday ...