English - Sentence explaination

Dear writing experts, could you please explain the following sentence

The sentence is:

Our plan to undercut our rivals by reducing prices has (back-fired). We have made a loss.

My initial comprehension is : 我地透過減價去除去我地對手的計劃, 巳經失敗。我地巳經造成損失。 (I am not sure whether it is correct)


Thank you!