6% might not seem like a lot but for the first 5 months of 2009 this is not good news. Worse is that the losses are not abating. May's numbers shows pax were off nearly 13%. Cathy must be suffering badly as the majority of these are going to be business travelers cutting back.
Even the airport is predicting more bad news for June
With China in the doldrums and Swine flu further compounding matters, the recovery will not necessarily be arriving any time soon. Finally the impact of the loss of the trans-shipment (flight from Taiwan can now go direct) Cathay's poisition is looking pretty awful at the moment.
Freight continues to collapse which is the worrying thing for everyone.
Yields are going to stay low for a long while yet.
Cheers
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