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Old June 20th, 2009, 05:18 AM   #1421
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Old June 22nd, 2009, 06:06 PM   #1422
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Old June 23rd, 2009, 07:32 AM   #1423
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Chairman speaks on Overcoming Adversity at Aerospace Forum Asia luncheon
10 June 2009
Press Release

Overcoming Adversity a speech by Christopher Pratt, Chairman, Cathay Pacific Airways Ltd, at the Aerospace Forum Asia Industry Leader Luncheon Conrad Hotel, Hong Kong, 10 June 2009

Thank you for your kind invitation to talk to this distinguished gathering and for your very generous introduction.

I am a Swire veteran of 30 years but something of a new boy to the aviation world. I often ask myself whether this is a good thing in a Cathay Pacific Chairman. On balance I think it probably is.

I may be short on industry experience, but that does allow me to look at this business in an uncluttered and uncomplicated way.

The title of my speech today is “Overcoming Adversity”. It’s a title that sits well with the aviation industry EVEN in normal times, but of course these aren’t normal times.

Today sees the most challenging business conditions for our industry in more than a generation, and even though the equity markets are now suggesting that the worst of the global economic slump is behind us, I simply can’t share that view with any degree of confidence.

This speech is not going to dwell on history but I think we all have to accept that the business world changed fundamentally in the second half of last year. A relatively mild economic downturn was supercharged dramatically in September with the collapse of financial markets and the bankruptcy of several leading Wall St and City of London firms.

The attendant wealth destruction in the real economy has been extreme and will take many years to claw back. The drivers of so much of the investment of the last decade…. the heroic growth assumptions, the flood of cheap money, and the willingness to live beyond our means, are now things of the past.

Sadly gone too is the belief that free markets and global free trade will always allocate capital most efficiently and deliver the best economic outcomes for the greatest number.

Financial capitalism overreached itself and the political fallout is, and will continue to be, severe. Protectionism, a 1970s type reassertion of the role of the state in the economy, higher taxes and more intrusive regulation are, I think, inevitable, as inevitable as the rising unemployment and social anger that has come with it. This is all bad for our business and for almost every business.

Before getting into the specifics of today’s crisis and what we at Cathay Pacific are doing about it, let me now make some general observations about our own industry…aviation.

Coming from a marine and trading background, I am astonished at how regulated commercial aviation continues to be.

From a safety standpoint of course it needs to be, but, this apart, it is also the subject of much government influence with regard to the negotiation and allocation of traffic rights, perceived issues of national security and pride, and even fare regulation.

Commercial aviation is not in any real sense a free market; economic underperformance rarely gets penalized and generally doesn’t lead to capital leaving the market thus the industry remains in an almost permanent state of disequilibrium with supply outrunning demand.

Fares trend ever lower and returns on investment get ever more marginal.
The professional investor generally sees this and steers well clear. There are many Warren Buffet quotes that capture the problem, and I won’t repeat them, but they are all essentially right.

The industry, in aggregate, does not return its cost of capital and shouldn’t exist in its current form. It’s kept on what appears to be almost permanent life-support by government subvention, in the form of new shareholder loans or guarantees, or revolving door Chapter 11 bankruptcy legislation.

Add to this the fact that there are really only two equipment suppliers, both of whom can only accept orders half a decade in advance, and the professional investor would seem to be spot on in having nothing to do with us.

That is the financial view.

As for the public perception … it seems to me to grow ever more negative with focus on the perceived lack of competition, noise and air pollution, congestion and the damaging and still unquantifiable effects of mass tourism on undeveloped countries.

These are serious charges and I sense that, as an industry, we are beginning to lose the arguments. Just look at the recent surge in opposition to the third runway at Heathrow and the near inevitability of punitive Green Taxes in Europe and elsewhere. Most of this needs spirited rebuttal, cheap air travel is a wonder, a liberating and educating experience, but opinion doesn’t shift quickly and the legislative responses will mean higher costs and even thinner margins for our business.

Six months ago I was asked by a television interviewer what it was that kept me awake at night. I gave a short, two word answer; Cathay Pacific.

The airline was already feeling the chill winds of the asset deflation downdraft that was pushing the Western World into recession. It was a bad week for Cathay Pacific in September when Lehmann Brothers, AIG and Merrill Lynch, all disappeared. They were three of the airline’s top ten global accounts.

Since then income and yields have continued to soften and costs aren’t coming into line quickly enough. This isn’t surprising. Aviation, as most of you know, is a high fixed cost business and downsizing is difficult. Parking aircraft doesn’t remove ownership costs and laying-off staff, at least for the first year or so, always costs more than it saves.

So there are no easy solutions, no silver bullets, to what continues to be a very nasty situation. Just how nasty is it?

There is no way to sugar coat this…we have seen a vicious collapse in front end demand , economy class yields are miserable and our air freight business has been laid to waste by the biggest contraction in international trade since World War II.

To complete this Perfect Storm, and continue my sleep deprivation, we are now seeing a fall-off in intra-Asian travel due to growing fears of a Swine Flu pandemic.

I hope I’m not going to regret saying this, but frankly, it couldn’t get much worse.
Many of you here are in the industry so you know our numbers.

Cathay Pacific lost HK$8.3 billion last year of which HK$7.6 billion came from mark to market fuel hedging losses. More recently we announced that revenue in the first quarter of 2009 had dropped 22.4% year on year. Frankly not much has improved since then.

The best we can say, and it is scant comfort, is that demand and yields seem to have stopped falling. But that is a very different thing from saying that they have started to recover. And bear in mind that oil, which is easily our single biggest cost, has more than doubled in price since early March.

So what are we doing about it..??

We have reduced passenger capacity by 8% and cargo capacity by 11% generally by reducing frequencies, but where individual routes fail to cover their cash operating cost they have been cut.

So far we have kept our international network intact which is an imperative because we are a hub carrier and connectivity is our life blood. But more cuts will come if individual routes turn cash negative with the changing cost and demand picture.

Depending on the price trajectory of oil this year the company may get to write back some, but not all, of its hedging losses, but this is really window dressing and it is very hard to see the business in any real sense thriving, by which I mean earning the returns to justify future investment.

Cash preservation is key and so we’ve deferred new equipment deliveries and the construction of Hong Kong’s third cargo terminal. We have also cut marketing spend. But we have not and will not cut customer-facing spend.

In other words the essential value proposition of Cathay Pacific, which I would define as its unparalleled level of service and reliability, will not be compromised. That is good news for our customers but bad news for our competitors.

So far all I have said is that this is a particularly bad time in a generally bad industry. The definition of madness is to keep repeating the same mistake over and over again, expecting a different result. So why do we do it? Why are we in this business..?

In the absence of logic the answer can only be because we love it, we have been doing it for a long time and think we’re pretty good at it…and I really do believe that we are good at it.

Cathay Pacific regularly ranks in the top five profitable airlines globally, principally because of our unmatched geographic position as a Gateway to China and the consistent excellence and innovation of our product.

There are several investment metrics that can be used to value a business, but the least controversial I think is absolute shareholder return, which I define as dividends paid plus share price appreciation.

By this simple, non-subjective, measure Cathay Pacific has made a 10% annualized return on investment over the past twenty-five years. This return isn’t that flash in a Hong Kong blue-chip context but very few of our aviation peer group can match this over such a long period even with the covert Government support that many of them enjoy.

I think it’s a great performance under challenging circumstances.

Cathay Pacific has become Hong Kong’s best-known international brand and is synonymous with this great city but, like a brilliant and slightly unpredictable child, it requires constant care and attention. And never more so than now.

So what will get Cathay Pacific through this crisis or, put another way, what are our real competitive advantages? What is it that gives us the confidence to continue investing in a business that is so consistently challenging and so generally destructive of value?

Firstly I can confidently say that Cathay Pacific has always been run by top-class managers, as indeed it is today. As a general observation the senior management team love what they do and are as good, if not better, I would quietly suggest than any other in world aviation.

Cathay Pacific has an inclusive and open culture, internal debate is informed, vigorous and diversity of opinion is respected. But people in the company are mutually supportive.

You will have seen the response of the airline’s nearly 20,000 staff to a Special Leave Scheme designed to save the company cash in these toxic times and to prevent the need for staff lay-offs that are the first action of many other carriers. The response was 100% in many parts of the airline and close to that mark across the board. And I think this also says something about the way we run the company.

In their long history Swire’s have always prized staff loyalty and recognise that it is a two-way street. We try to build trust at all levels of the organization, especially between management and staff. We try to be straight with the people who work for us and always try to tell the truth, even when it is not too palatable or welcome. Just like now.

I really do think that this culture of truth and trust is a competitive advantage for Cathay Pacific and one of the principal reasons why the airline remains an employer of choice in Hong Kong. The company has never laid-off staff lightly and will not do so now.

Secondly Cathay Pacific’s crisis management skills are well honed and I am not just talking about the Asian Financial crisis or global threats to confidence like 9/11.

Hong Kong was at the epicenter of SARS in 2003 and most of you will remember that the hotels were empty and Cathay Pacific’s fleet was essentially parked up at the time. Again we got through it, with shareholder and staff sacrifices admittedly, but without redundancies

Hong Kong is a vibrant, dynamic and successful city but I think it is probably true to say that it has had more violent lurches and crises of confidence than just about anywhere else in the last 40 years.

When it looks dark in Hong Kong it can look very dark indeed, but Cathay Pacific’s management and shareholders have always believed in the ability of Hong Kong to bounce back quickly and have always been proved right.
And then we have our superb geography and network. Nobody can match it. Cathay Pacific’s home is Hong Kong and we are within six hours’ flight of 60% of the world’s population.

Economic growth in Asia is more robust and sustainable than anywhere else on the planet; the work ethic is strong and saving rates are high. Much of this growth in recent years has been overly export dependent but it is becoming increasingly less so. The wealth effect in Asia is palpable and Air Travel in the region is growing at 9% per year which is well ahead of the global average.

Cathay Pacific has a superb international network of 58 destinations and connects via Hong Kong, through its wholly owned subsidiary Dragonair, to 17 destinations in China served 400 times each week.

And Hong Kong is a superb international airport and I challenge anyone to gainsay that. I honestly can’t think of a better one.The Hong Kong government’s vision in replacing Kai Tak with a much larger airport at Chek Lap Kok, although fiercely controversial at the time, was absolutely right for Hong Kong and has enabled Cathay Pacific to follow a course of vigorous expansion.

And Cathay Pacific has a stable and strong group of strategic shareholders.
40% of Cathay Pacific is owned by the Swire Group who have managed the business since buying it in 1948. In that time the Cathay Pacific Group fleet has expanded from 3 DC3s to 136 wide bodied jets today with commitments to buy 38 more between now and 2013.

As I mentioned earlier, over that 60-plus years there have been many times when Cathay Pacific’s future, and indeed that of Hong Kong itself, have looked bleak and forbidding.

I think it is fair to say that had the Swire Group not had alternative income streams from its other businesses during that time then the Cathay Pacific of today would be a very different, and smaller company.

CITIC Pacific have also owned a substantial part of the company since the mid 1980s and in 2006 Air China purchased 17.5% of the business in a transaction that also saw Cathay Pacific buy 100% of Dragonair and 17.5% of Air China.

The share register of Cathay Pacific now shows Swires owning 40%, powerful mainland partners 35% and the Hong Kong public 25%. This is an appropriate, bankable and powerful combination.

All of Cathay Pacific’s major shareholders are committed to seeing the company grow and see long-term value in the business. Cathay Pacific management always know that the rug won’t be pulled from under their feet.

And so let me extend this theme and finish my remarks by saying that Cathay Pacific, and the Swire Group in general, remain unrepentant China – and Hong Kong – bulls. While there will obviously be bumps in the road it seems clear that the main economic story of the first generation of the 21st century will be the story of the development of China and of China taking on a leading role in the world economy.

Personally I am delighted to be so well placed to watch this happen. The industriousness and creativity of the Chinese people, their irresistible confidence and belief in a better future, is truly impressive. For Cathay Pacific, and for its sister airline Dragonair, this surely represents one of the great opportunities in the history of world aviation.

We see the opportunity, we can almost taste it, and we intend to play a major part in turning that opportunity into reality.
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Old June 24th, 2009, 11:51 AM   #1424
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Cathay staff kick off their shoes with gallery of after-work shots
21 June 2009
South China Morning Post

More than 50,000 people have visited a website that features pictures of Cathay Pacific flight attendants and other frontline staff after they have hung up their uniform for the day.

The novel promotion has been a global hit since its launch four weeks ago with two-thirds of hits coming from abroad.

Employees - including a flight attendant who was runner-up in a Miss Hong Kong competition - have been whisked off to photo studios for the campaign with no payment other than a set of framed photographs as a reward for taking part.

Dozens more staff are now being lined up to have their photographs and profiles added to the online gallery with the aim of increasing its headcount from the present 35 to 100 by the end of the year.

The airline's general manager for marketing James Ginns said: "We're trying to capture what it is that our employees bring to the job that enables them to get the reaction they get from passengers.

"It's been very popular. We've had 53,000 visits in the first four weeks. It's been particularly popular in Japan, the US, Taiwan, Canada, Australia and the UK."

Staff had been "queuing up" to be included in the project, said Mr Ginns, while marketing managers have been working hard to persuade some of the airline's more "colourful characters" to participate.

"We've featured a semi-professional badminton player, a captain who flies a hot air balloon in his spare time and a married couple from Germany - he's a cargo manager and she is a customer sales officer - who got married in a parked Boeing 747 in Frankfurt.

"We've deliberately gone out to attract a good mixture of men and women to be representative of the staff we have. At the moment it's true we have more women than men on the site.

"Men tend to be shyer. They are worried about what their mates will think. But we will aim to achieve a balance between men and women."

The campaign, run on a mini site attached to the airline's main website, was organised in response to a survey of 4,000 customers who said Cathay Pacific's best asset compared to rival airlines was its staff, according to Mr Ginns.

"This is a tough time business-wise but we've had a good response online."
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Old June 25th, 2009, 06:34 AM   #1425
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Asia flights could face delays because of volcano eruption
16 June 2009
Vancouver Sun

Travellers flying between Vancouver and Asia are being told to be prepared for delays or cancellations as a result of smoke and ash from a volcanic eruption in the north Pacific Ocean.

Air Canada said three round-trip flights from Vancouver to Tokyo, Shanghai and Seoul were cancelled Monday, while China Eastern and Air China also cancelled flights between Vancouver and Beijing and Shanghai on Sunday.

Cathay Pacific has altered its flight path between Vancouver and Hong Kong southward, opting to fly over Hawaii instead of the polar route to avoid the volcanic activity at Sarychev Peak, located on a remote Russian island.

The rerouting adds an extra hour and a half to the trip, which usually takes 13 hours and 50 minutes, airline spokeswoman Jennifer Pearson said. It now takes 15 hours and 35 minutes.

"At the moment we're operating on schedule; we're just changing the flight paths," she said.

Air Canada said the volcanic activity has had little effect on flights between Toronto and Asia because those flights take a path further north away from the volcano.

Air Canada spokeswoman Angela Mah said the airline's flights between Vancouver and Hong Kong also weren't affected Monday. This allowed Air Canada to re-accommodate other customers on the Hong Kong flights.

Mah said Air Canada should have a better idea today about the situation. "We will continue to monitor it; it's a day-by-day situation," she said.

Customers with flights to or from affected areas are advised to check the status of their flight before leaving for the airport by consulting the Air Canada website at aircanada.com, calling Air Canada's automated flight information system at 1-888-422-7533, or by using a web-enhanced cellphone.
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Old June 25th, 2009, 02:40 PM   #1426
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Quote:
Originally Posted by hkskyline View Post
Cathay staff kick off their shoes with gallery of after-work shots
21 June 2009
Stupid un-linkable South China Morning Post

... blah blah blah...
Aside from being un-linkable, they also omit the link to the site... Useless.

I assume it's this site? www.cathaypacific.aero/people... PS: Some of their girly staff are hot (better than that HK girls thread).
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Old June 26th, 2009, 04:42 AM   #1427
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By twwong[/b] from HKADB :





















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Old June 26th, 2009, 10:33 AM   #1428
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國泰今年擬停飛6架飛機
24 June 2009

【明報專訊】國泰(0293)計劃停用多一架客機。集團財務董事夏禮熙日前表示集團今年擬停用的客機數目達6架,較早前公布擬停用5架波音777-200客機要多。有消息人士指出,國泰擬停用的客機型號亦會重新部署,不只限於777-200型,而是有可能停用載客量更大的波音747或777-300型號。

今年3月新上任的夏禮熙、「新人事新作風」,日前與企業發展董事邵世昌一同舉行分析員會議,介紹集團最新營運情况,並表示往後將每季定期舉行,一改國泰以往每年只開兩次分析員會議的慣例。

或停飛載客量更大機種

會上,夏禮熙指會停用6架客機。有消息人士指,國泰是次將重新研究停用飛機的機型,較傾向載客量更大,並較受二手市場歡迎的機種。早前國泰公布擬停用的5架777-200型號,每架可載客336名,而目前國泰機隊中,載客較該機型更多的,只有波音747及777-300。據悉,自國泰於4月中公布出售飛機計劃以來,該5架飛機至今仍未能找到買家,故不得不重新研究停用安排。

另外,夏禮熙重申,國泰目前財政穩健,無意透過股本集資。此外,對於近來國際油價大幅回升,他指中期業績應可錄得燃油對冲虧損回撥;至於客運需求依然疲弱,收益率仍見下跌壓力,其中,年初至今頭等及商務客量更按年跌39%。

燃油對冲虧損料錄回撥

花旗發表報告,若油價達每桶70美元以上計,估計上半年國泰可回撥11億元,並同時修訂國泰今明兩年每股盈利預測,分別由原來的每股虧損0.47元及0.28元,調升至每股賺0.25元及0.38元,但仍維持「沽售」評級。國泰昨天收報9.84元,跌1.5% 。
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Old June 26th, 2009, 01:56 PM   #1429
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Cathay Pacific maintains normal flight operations
26 June 2009
Press Release

Cathay Pacific Airways is advising passengers that flights into and out of Hong Kong will operate as normal despite the approach of Tropical Storm Nangka. However, heavy rain associated with the tropical storm could lead to minor disruptions tonight (26 June) and the early hours of Saturday (27 June) .

Passengers are advised to visit the airline’s website, www.cathaypacific.com, to check the status of their flights before leaving for the airport.

Cathay Pacific is monitoring things closely and will issue further updates on the flight situation once more information becomes available.
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Old June 27th, 2009, 08:10 PM   #1430
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Employers lining up to hire interns
26 June 2009
China Daily - Hong Kong Edition

HONG KONG: There's been overwhelming response from prospective employers to a government-subsidised internship plan for fresh and recent graduates, the government said.

The program is the first of its kind for university graduates. It was launched in the wake of the global economic downturn.

Secretary for Labour and Welfare Matthew Cheung Kin-chung said the program had received about 1,600 local job offers and some 350 mainland job posts since June 10.

Government figures showed 80 percent of the jobs on offer have a monthly salary of HK$8,000 or more.

The best-paid job so far carries a salary of HK$12,000 a month, the government said.

"Many earlier worried that (the scheme) will exploit university graduates as they may be hired as low-cost labor (under the scheme). It has now been proved that their worries are unnecessary," said Commissioner for Labour Cherry Tse Ling Kit-ching.

Under the program, employers receive a subsidy of HK$2,000 a month for each intern hired in Hong Kong. Interns working on the mainland will be paid a government allowance of HK$3,000 a month for day to day living expenses.An extra HK$1,500 a month will be provided to each student for accommodation.

The government earlier said it will subsidize up to 3,000 local internship positions and at most 1,000 mainland placement posts for a period ranging between six months and a year.

Tse said the government has no current plan to add more internship subsidies, pointing out that the program has a budget of only HK$140 million.

Wang Liaoping, the vice-chairman of the Hong Kong Chinese Enterprises Association, said about 21 mainland firms, mostly large-sized companies, planned to offer internships for Hong Kong graduates.

Interns will have a chance to work in many major cities on the mainland, including Beijing, Shanghai, Chengdu and Nanjing, he said.

Wang said the work experience will be of great benefit to local graduates.

Ng Wingchoi, the deputy general manager of the human resources department of the China Merchants Group, said the group will offer 120 internship posts in many fields, like property management and banking.

Meanwhile, Cathay Pacific and Dragonair yesterday announced it will offer discount airfares for graduates heading to the mainland for internships.

Cathay Pacific said round-trip tickets to Beijing and Shanghai will be priced at HK$880. Dragonair said round-trip fares to nine other mainland cities will be offered at the same price.
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Old June 27th, 2009, 09:42 PM   #1431
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Old June 28th, 2009, 07:15 PM   #1432
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Old June 29th, 2009, 05:46 AM   #1433
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Old June 29th, 2009, 05:17 PM   #1434
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Cathay, Singapore Air Get ‘Silver Lining’ From Jet Fuel’s Surge

June 29 (Bloomberg) -- Cathay Pacific Airways Ltd., Air China Ltd. and Singapore Airlines Ltd. can take some solace from the 43 percent surge in the price of jet fuel this year -- they’ll curb losses from their hedges.

The rise in jet fuel price this year may help Hong Kong’s Cathay and Air China trim paper losses from wrong-way bets on oil. Cathay, which posted its first annual loss in a decade last year, could recoup HK$1.1 billion ($142 million), according to Citigroup Inc., while Air China may write back more than 4 billion yuan ($585 million), estimated Deutsche Bank AG.

The gains come as Asia Pacific airlines struggle to reverse an 11-month slump in passenger traffic that may lead to an industrywide $3.3 billion loss this year for the region. Rewards from fuel hedging could narrow losses at Cathay and help Air China return to profit this year, according to Louis Wong, who manages $50 million at Phillip Securities HK Ltd.

“What has been a negative for airlines may have turned positive with oil prices rising,” said Wong. “Any write-back will give airlines the breathing space they need during these times.”

The drop in the price of jet fuel from a record $181.85 a barrel in July last year to a low of $46.05 in March worked against airlines which locked in fuel-hedging contracts at higher prices than those in the spot market. With prices rising, most carriers will cut the value of their unrealized hedging losses and write back amounts they have already provisioned.

Operating Loss

Singapore Air, Asia’s most profitable airline, made a S$543 million ($373 million) loss on fuel hedging in the quarter ended March, including a S$112 million deficit from early termination of some contracts before maturity.

“The silver lining of rebounding oil prices is that SIA will incur smaller hedging losses and write back some of its previous mark-to-market fair value losses on balance sheet,” Corrine Png, an analyst at JPMorgan Chase & Co., wrote in a June 15 report. A $5 rise in the price of a barrel of jet fuel could cut Singapore Air’s hedging losses by S$50 million, she said.

Cathay doesn’t disclose any numbers, said Carolyn Leung, a spokeswoman for the carrier, adding that high fuel prices “are not good for airlines.” Nicholas Ionides, a spokesman for Singapore Air, declined to comment. Rao Xinyu, Air China’s head of investor relations, declined to comment.

Cathay added 1.2 percent HK$10.28 at the close of trading in Hong Kong, while Air China rose 3.8 percent to HK$3.85 and Singapore Air gained 1.3 percent to S$12.80.

Premium Travel

Not everyone is optimistic. The gains will be one-time and will do little to offset the plunging demand, said Steven Lim, who manages about $200 million at Daiwa SB Investments in Singapore.

“Right now, I am more concerned about the underlying growth in demand and how soon a recovery will be seen in first or business class travel,” said Lim. “Airlines are still putting in place cost cuts which means the underlying demand is still weak.”

The global recession has hammered premium-class traffic, where carriers such as Cathay and Singapore Air get about 40 percent of their revenue. Worldwide premium-travel revenue fell by about 44 percent from a year earlier in April, according to the International Air Transport Association, or IATA.

Passenger traffic in Asia Pacific sank 14 percent in May, the steepest of any region, IATA said June 25. The industry globally may post losses of $9 billion this year, as the spread of swine flu compounds the effects of the recession. Asia Pacific will lead with a $3.3 billion loss, it said.

Cathay, Air China

To cope with the recession, Cathay, Singapore Air and other carriers have altered networks, cut capacity and parked planes. Singapore Air Chief Executive Officer Chew Choon Seng will take a pay cut of 20 percent starting in July, while Cathay’s CEO Tony Tyler, Chairman Christopher Pratt and Chief Operating Officer John Slosar will all forego their 2008 bonuses.

Cathay in January said unrealized fuel-hedging losses stood at HK$7.6 billion as of Dec. 31. The carrier, with contracts extending to 2011, said in March if Brent crude prices average $75 a barrel, it would face no further cash costs from the hedges and will be able to recoup provisions made this year.

Air China slumped to its first loss since its 2004 listing after losing 7.47 billion yuan on wrong-way bets on fuel prices. Fair value losses on its fuel-hedging contracts may fall by as much as 4.4 billion yuan this year if oil prices rise by 30 percent from the end of last year, it said in February.

The Beijing-based airline hedges the most fuel among Chinese carriers as it operates the largest international network. The country’s airlines can only hedge fuel purchases for overseas flights as domestic prices are state-controlled.

Jet fuel traded at $77.45 a barrel in Singapore trading on June 26.

“This is a relief for many airlines,” said Kelvin Lau, an analyst at Daiwa Institute of Research Ltd. in Hong Kong. “This year, most airlines in Asia are expected to recognize profits from fuel hedging because last year many recorded high marked- to-market fair value hedging losses. Some of this could be huge.”
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Old June 29th, 2009, 06:41 PM   #1435
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Old June 30th, 2009, 06:43 AM   #1436
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Old July 2nd, 2009, 04:39 AM   #1439
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