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Old August 2nd, 2009, 06:31 PM   #1521
hkskyline
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Quote:
Originally Posted by EricIsHim View Post
I still wonder what percentage of the NY passenger group is transit service at HK to/from other Asia's destinations/origins.
Probably a lot. Don't think NY has a lot of flights to Asian cities direct, so CX likely has a huge advantage.
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Old August 2nd, 2009, 09:42 PM   #1522
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Originally Posted by hkskyline View Post
Probably a lot. Don't think NY has a lot of flights to Asian cities direct, so CX likely has a huge advantage.
Air China, China Airlines, JAL, Eva Air, SA, Korean and may be one or two more. But all only has one flight per day, and every other two days. CX has three flights per day. Every time I fly, hardly ever notice many HKer on board.
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Old August 3rd, 2009, 04:59 PM   #1523
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Cathay Pacific revenues below target; stock blips up
Monday August 03 2009
Source: http://themalaysianinsider.com/index...stock-blips-up

HONG KONG, Aug 3 — Hong Kong’s top carrier Cathay Pacific Airways reported a bottoming out in weekly revenues, triggering a brief jump in its share price but signalled it faces a tough environment in the months ahead.

“There are signs that our own weekly revenue results seem to have bottomed out now, but at a very low level. As yet, there are still no signs of any sustained recovery,” Chief Executive Tony Tyler said in a note to staff obtained by Reuters.

He said the airline’s latest revenue figures showed it was not yet clear of the difficulties it suffered in the first half, with passenger revenue 13 per cent behind target and cargo revenue 22.5 per cent below the desired mark for the first seven months to July.

The stock rose to a high of HK$12.40 (RM5.61) after the news, up 2.8 per cent before shaving the gain to 0.33 per cent by the close of the morning session. The broader market index was up as much as up 1 per cent hitting a high of 20,786.02 points, before ending up 0.62 per cent.

Cathay Pacific is scheduled to release its interim results on Wednesday.

Analysts said the carrier is likely to turn around in the first half from losses posted last year, on the back of a one-off fuel hedging gain but like many other carriers continues to face strong headwinds in the months ahead.

Singapore Airlines, the world’s second largest airline by market value, last week unveiled its first quarterly loss in six years, and warned that it could post an annual loss if adverse conditions continued.

“Operationally, (Cathay) is still facing a difficult environment in the second half, but the gains from hedging will help the results to turn around,” said Cho Fook Tat, an aviation analyst at Taifook Securities.

If oil prices stay at US$75 (RM263) a barrel over the next three years to 2011, the company could make mark-to-market gains and write back some of the paper losses from fuel hedging provisions.

Crude oil has dropped 50 per cent to its current level of about US$72 from a peak of US$145 hit in July of last year.

Brokerage Citi had downgraded the stock to ‘sell’ before a copy of Tyler’s remarks was obtained, but Daiwa was optimistic.

“We are optimistic about a gradual recovery, and believe this would overwhelm any negative impact that weak results would have,” Daiwa Securities said in a research note last week.

The brokerage forecast a HK$1.4 billion net profit for the first half, supported mainly by a one-off fuel-hedging gain of HK$2.1 billion.


MORE PRESSURE AHEAD

As of July 25, Cathay’s weekly passenger revenue was 15.8 per cent behind target for the year to date, while cargo revenue was 21.4 per cent below target, Tyler said in a weekly business report obtained by Reuters today.

“We are certainly still in a very challenging operating environment,” chief executive officer Tony Tyler said in the report. “Our latest revenue figures highlight the fact that we are still some way from climbing out of our deep hole.”

Advance premium bookings were no longer comparable with last year, he said, noting that “corporates were not pre-booking travel as they did before.”

Tyler did not provide specific figures for passenger and cargo traffic levels.

However, Cathay last month reported that its combined traffic with unit Dragonair in terms of passenger numbers for June 2009 fell sharply year-on-year, in part due to the impact of the Influenza A(H1N1) outbreak.

Tyler said that advance bookings for economy and business class were “not that bad” but added that the overall situation remains grim.

For September through November, Cathay’s front-end bookings were still heavily down, he said, adding that the company would only know in early September whether business travel would show any signs of a turnaround. – Reuters
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Old August 3rd, 2009, 06:29 PM   #1524
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Quote:
Originally Posted by EricIsHim View Post
Air China, China Airlines, JAL, Eva Air, SA, Korean and may be one or two more. But all only has one flight per day, and every other two days. CX has three flights per day. Every time I fly, hardly ever notice many HKer on board.
I thought NY's HK population is fairly small. In Chinatown (Manhattan), I hear a lot of regional dialects. Flushing is more Cantonese, but I think the HK market is small to begin with.
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Old August 4th, 2009, 03:17 AM   #1525
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Quote:
Originally Posted by hkskyline View Post
I thought NY's HK population is fairly small. In Chinatown (Manhattan), I hear a lot of regional dialects. Flushing is more Cantonese, but I think the HK market is small to begin with.
It isn't just the Chinese market, but the whole SE Asia.
The crowd on board are usually pretty diverse.
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Old August 4th, 2009, 05:19 PM   #1526
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By B-HUF from HKADB :



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Old August 4th, 2009, 05:30 PM   #1527
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cx do very well from here in MEL espcially since they codeshare with ay. I think they will eventually go four daily at some point.
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Old August 5th, 2009, 07:32 PM   #1528
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Cathay Pacific returns to profit


Revenues fell nearly 30% in the first half of the year

One of Asia's biggest airlines, Cathay Pacific, has reported a profit for the first half of the year, helped by bets it placed on the oil price.

Its profit of 812m Hong Kong dollars(61.8m; $104m) compares with a loss of HK$760m in the same period last year.

A 27% drop in revenues to $30.9bn was offset by a $2.1bn fuel-hedging gain.

Cathay Pacific said there were some signs that the fall in demand had bottomed, but it was not clear when a "sustained pick-up" would begin.

Fuelling profits

Fuel-hedging contracts are used to protect companies from sharp changes in the oil price. Cathay Pacific's gain for these contracts in the first six months of the year compares with a loss of $7.6bn for similar bets last year.

The underlying picture of an airline industry hit by an economic downturn and falling passenger numbers remains gloomy.

"The global aviation industry, hit hard by soaring fuel prices in 2008, is now having to confront one of the most severe demand downturns in living memory," said Tony Tyler, its chief executive.

"There are cautious signs that the fall in demand has bottomed but there is, as yet, no indication when a sustained pick-up will begin," he added.

"Full-year earnings will depend on a pick-up in premium traffic," said Winson Fong at SG Asset Management. "Fuel-hedging gains really aren't something to evaluate the company's performance on."
http://news.bbc.co.uk/2/hi/business/8185014.stm
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Old August 6th, 2009, 12:49 PM   #1529
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Swire Pacific likely to boost earnings 22.3pc
3 August 2009
SCMP

Swire Pacific is expected to report an increase in interim underlying profit thanks to its aviation business returning to the black and rental income from a retail property project in Beijing.

The conglomerate with property, aviation and beverage businesses is likely to report an underlying interim profit of HK$4 billion, up 22.32 per cent from HK$3.27 billion a year earlier.

"The first-half earnings will be boosted by the turnaround of Cathay Pacific Airways and its retail project in Beijing has started to contribute rental this year," said an analyst who declined to be quoted.

Swire Pacific will announce first-half earnings on Thursday. Market observers expect its 40 per cent-owned Cathay Pacific to contribute HK$1 billion.

Its Beijing retail project, the Village South in Sanlitun, opened last year and 92 per cent of the retail space has been let.

The rental contribution from the project would offset the decline in office rental in Hong Kong, market observers said.

In June, Swire Properties chief executive Martin Cubbon said the group had reduced office rents at Pacific Place 20 per cent from last year's peak when leases came up for renewal.

But he believed Hong Kong's office market had bottomed out.

Office rents at One, Two and Three Pacific Place, comprising 2.2 million square feet, have dropped from as much as HK$100 per square foot per month last year to "the high 70s to the low 80s", Mr Cubbon said.

The conglomerate owns 15 million sqft of office and retail properties in Hong Kong and one million sqft in Beijing.

It plans to increase its investment properties to 24 million sqft by 2013, of which eight million will be on the mainland and 16 million in Hong Kong.

Gary Pinge, an analyst at Macquarie Research, wrote in a research report that Swire's office rents at Island East, which have proven to be surprisingly resilient, dropped only 5 per cent in the first quarter, compared with the 25 per cent fall in Central.

"Swire also has longer lease terms, which means that lease renewals are slower. The fact that the blue-chip company has less exposure to financial tenants also means that its tenants have been stayers, given the growth prospects for Hong Kong and China relative to the rest of the world," he wrote in the report.

Phillip Capital Management fund manager Li Kwok-suen expects Swire to report satisfactory results as its shares jumped to a 52-week high of HK$88 on Thursday.

"It shows a vote of confidence by investors," he said.

With a high-quality investment property portfolio including Pacific Place and Taikoo Place, Mr Li said Swire's long-term outlook remained promising.

In the residential market, Swire sold 50 units at its Island Lodge development in North Point at an average HK$11,000 per square foot when it relaunched the project in June. But the company might not be ready to book the sales in its first-half earnings.
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Old August 6th, 2009, 09:22 PM   #1530
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Cathay back to profit, but no one is celebrating
Fuel hedging contracts, not a demand rebound, explain airline's gains

6 August 2009
International Herald Tribune

HONG KONG-- Cathay Pacific returned to profit during the first half of the year, but the news from one of Asia's leading airlines did not represent an all-clear for an industry that continues to suffer from depressed passenger and cargo volumes.

Cathay, based in Hong Kong and seen as a bellwether for the sector in Asia, reported on Wednesday net income of 812 million Hong Kong dollars, or $104.8 million, for the six months through June, a marked improvement over the loss of 760 million dollars a year ago.

But the result was mainly due to an unrealized gain of 2.1 billion dollars on fuel hedging contracts, which many carriers use to stabilize their fuel costs in the face of often-volatile markets.

Stripping out hedging and tax, Cathay actually had an operating loss of 765 million dollars during the six-month period, the airline said. Revenue plummeted 27.1 percent.

"The global aviation industry, hit hard by soaring fuel prices in 2008, is now having to confront one of the most severe demand downturns in living memory," said Christopher Pratt, the Cathay Pacific chairman. "There are cautious signs that the fall in demand has bottomed but there is, as yet, no indication when a sustained pick-up will begin."

The gloomy remarks echo the picture reported by airlines around the world: Demand is stabilizing, but at worryingly low levels, and frantic cost cuts have not prevented sizeable losses.

Air France-KLM, British Airways and Singapore Airlines were among those to report losses for the April-June period last week, and Singapore Airlines said it expected a loss for the full year if current conditions continued.

Both Singapore Airlines and Cathay are especially reliant on business and first-class travel, which has collapsed as many companies have shifted corporate travel into economy class.

Cathay transported 4.2 percent fewer passengers in the first half of 2009 compared with the same period last year, but passenger yields - average revenue per passenger - shrank nearly 20 percent. Cargo yields fell nearly one-third.

"It could take years to recover from these falls," said Derek Sadubin, an analyst at the Center for Asia Pacific Aviation in Sydney. "A full-year profit will be very difficult, unless economic conditions improve."

Cathay has cut flights, idled a dozen planes and is seeking to defer delivery of some aircraft. But more far-reaching strategic changes might be necessary, Cathay executives said Wednesday.

"If the 'new normal' is that business and premium do not return, then we will have to review our approach," the chief executive, Tony Tyler, said, referring to Cathay's special reliance on that segment of the market. "There are no sacred cows here."
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Old August 8th, 2009, 10:21 AM   #1531
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By funghinlun from dchome :

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Old August 9th, 2009, 08:58 PM   #1532
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By mIkEnG from HKADB :







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Old August 10th, 2009, 06:42 PM   #1533
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Cathay turns to economy class to increase revenue
7 August 2009
SCMP

If you can't sell first-class seats, sell more in business class. And if you can't sell those, at least you should be able to sell more in economy.

That appears to be what struggling Cathay Pacific Airways is planning in response to concerns about whether corporate travel will return to profitable levels.

Chief executive Tony Tyler said yesterday he might have to install more economy seats on Cathay's planes at the expense of premium-class space if demand did not return. Two weeks ago, the airline set up a feasibility study to see if the current downturn was more cyclical than structural.

Despite the financial crisis and swine flu, Cathay's average passenger load in the first six months was down only 1.5 per cent at a still respectable 78.5 per cent.

By installing more economy-class seats Cathay hopes to extract more revenue from the front of its cabins.

Mr Tyler is less of a cost-cutter than a revenue driver. A look at the operating statistics in the past two years shows that the unit cost per mileage has gone up in every half-yearly report since he took over.

By comparison, his predecessor Philip Chen Nan-lok managed to keep cost per mileage down in his two-year reign between 2005 and 2007.

We can expect Cathay to provide more economy-class seats but probably not more cheap tickets.

Avic lifts veil of secrecy

When state-owned Aviation Industry Corp of China (Avic) announced in February that it was launching a global search for foreign executives to help it modernise, the move was hailed as being unprecedented.

Avic, the country's main manufacturer of military jets, said it was the first time such an enterprise had "lifted its veil of secrecy".

It was all part the attempt to muscle in on the civil aviation sector - Avic is trying to develop aircraft, including a 150-seat jetliner, to compete with Boeing and Airbus.

The aim was to hire 13 vice-presidents to help improve production, marketing and management in divisions, including defence, a job it said might also be open to a non-Chinese citizen.

The company received almost 1,000 applications from 20 countries with 10 foreign nationals being shortlisted for the final round of interviews.

No surprise, then, when Avic announced yesterday it had hired six executives - all of them Chinese, including a former deputy mayor.

Charity begins at bank

You can't even give your money away these days without a bank wanting in on the action.

Standard Chartered's Private Bank has launched what it says is a "unique philanthropy programme" offering advice to high net worth individuals "to ensure that the impact of their philanthropy is monitored and measured".

These programmes include sponsoring the bank's own "Seeing is Believing" charity with a dollar-matching donation up to US$20 million, advising on giving to charity and providing an opportunity for individuals who want to give more than money.

We know it is all for good causes, but coming during a recession, we cannot help thinking that it smacks of a sort of ambulance chasing.

Yam bullish on the money

Hong Kong officials are notorious for getting the wrong side of the market.

Imagine how much the short sellers made after Chief Executive Donald Tsang Yam-kuen said our economy was in the best shape in two decades in early 2007, or the opportunities for going long after listening to Hong Kong Exchanges and Clearing chief Ronald Arculli say the market had peaked in May.

Now it could be the turn of Joseph Yam Chi-kwong. The outgoing Hong Kong Monetary Authority chief yesterday said that the strong inflow of funds in recent months, which have pushed the Hong Kong dollar to the top of its trading band, were not related to currency speculation.

Mr Yam said information from his market contacts led him to believe the inflows were largely "real money" from investors "attracted by the opportunities here and looking to position themselves to benefit from the strong outlook for the mainland and Hong Kong economies".

This bullish appraisal from Mr Yam was a surprise to his followers who could readily recall his bearish warning of a "second wave of financial attack" a few months ago.

We could not help wondering whether the "real money", which can come and go, will really be here to stay.
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Old August 15th, 2009, 07:07 AM   #1534
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Engine glitch halts HK-bound jet
15 August 2009
South China Morning Post

The captain of a plane about to fly to Hong Kong from Shanghai aborted the flight just before take-off because of damage to one of its engines. No one was injured in the incident.

The Dragonair Airbus A330 was carrying 218 passengers and 13 crew when the incident occurred on Thursday morning, the airline said.

The carrier said that in light of the damage, the captain decided to return the plane to its bay. At no time did the incident pose a danger to those on board, it said.

The aircraft had been about to take off at 9.41am, but returned to its bay at 10.05am.

Another Dragonair plane was arranged to fly the passengers to Hong Kong on Thursday afternoon.

The carrier said the engine would be replaced in Shanghai before the aircraft returned to the skies.

Flight KA871 normally departs from Shanghai's Pudong International Airport at 8.20am every day and arrives in Hong Kong at 11am, according to flight schedules on the Dragonair website.

Dragonair said it had launched a joint investigation with the aircraft and engine manufacturers to determine the cause of the incident and that it would take any necessary follow-up action. The company said routine inspections of its aircraft were carried out.
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Old August 15th, 2009, 06:30 PM   #1535
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Cathay Pacific July Passengers Down 9.9% On Year At 2.08 Mln
11 August 2009

HONG KONG (Dow Jones)--Cathay Pacific Airways Ltd. (0293.HK) said Tuesday it carried 9.9% fewer passengers in July than a year earlier because of the swine flu outbreak and global recession.

The Hong Kong-based airline and its China-focused unit, Hong Kong Dragon Airlines Ltd., carried 2.08 million passengers in July. Its passenger load factor - the proportion of seats filled on its flights - fell 0.6 percentage point to 83.5%.

The two airlines carried 133,233 metric tons of cargo and mail in July, down 6.7% from a year earlier.

The airline didn't provide year-earlier figures.
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Old August 16th, 2009, 02:10 PM   #1536
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What is Cathay's busiest route out of hong kong?
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Old August 16th, 2009, 03:05 PM   #1537
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Quote:
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What is Cathay's busiest route out of hong kong?
In terms of frequency, the busiest routes should be Shanghai Pudong (about 16 frequencies a day), Beijing (about 14), and Taipei (about 12).

Analysis based on revenue and passenger counts are difficult to come by. These are highly-guarded secrets in the industry. I suspect London would have the most passengers (4 flights / day although I suspect 1 is axed these days).
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Old August 17th, 2009, 12:29 PM   #1538
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Cathay, CITIC Pac, Air China halted amid deal talk

HONG KONG, Aug 17 (Reuters) - Shares of Cathay Pacific were suspended on Monday, amid talk that one of its major shareholders, Citic Pacific , might sell its stake to another shareholder, Air China .

Shares in Air China and CITIC Pacific were also suspended before the market opened on Monday pending an announcement, all three companies said in separate statements to the Hong Kong stock exchange.

Both Cathay Pacific and Air China declined to comment.

CITIC Pacific, which suffered a HK$14.6 billion ($1.9 billion) deficit from foreign exchange contracts last year, may want to sell some or all of its 17.49 percent stake in Cathay to Air China, according to two knowledgeable market watchers.

Air China and China National Aviation Company Ltd already hold a combined 17.49 percent in Cathay, Hong Kong's flagship carrier, while 39.97 percent of Cathay is owned by parent Swire Pacific Ltd .

Swire, whose shares were not suspended, was down 1.07 percent in morning trade in Hong Kong, outperforming a 2.8 percent sell-off by the broader market <.HSI>.
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Old August 17th, 2009, 06:02 PM   #1539
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Air China has purchased 12.5% additional stake in Cathay Pacific from CITIC Pacific for HK$6.335 billion to make it holds 29.99% of stake of Cathay Pacific.

Swire also purchased 2% of stake in Cathay Pacific from CITIC Pacific for HK$1.013 billion to make it holds 41.97 of stake, and remains as the biggest stake holder.

Quote:
國 航 向 中 信 泰 富 收 購 12.5% 國 泰 股 份
2009-08-17 HKT 19:31
中 信 泰 富 向 中 國 航 空 及 太 古 集 團 分 別 出 售 12.5% 及 2% 國 泰 航 空 股 權 , 涉 及 金 額 分 別 是 63.35 億 元 及 10.13 億 元 , 每 股 國 泰作 價 12.88 元 , 較 國 泰 停 牌 前 股 價 溢 價 近 11% 。

交 易 完 成 後 , 太 古 在 國 泰 的 持 股 量 增 加 至 41.97% , 國 航 持 股 量 則 升 至 29.99% , 中 信 泰 富 的 持 股 就 降 至 不 足 3% 。

國 航 及 國 泰 , 以 及 中 信 泰 富 已 申 請 股 份 明 早 復 牌 。
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Old August 17th, 2009, 08:22 PM   #1540
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Citic is selling because of its derivative losses?
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