Taiwanese carrier EVA Air saw its cargo revenue plunge 51 per cent in the first half of this year as falling Asian exports sliced the carrier’s freight traffic by nearly a third. EVA, which operates 17 widebody freighters contributing more than 40 per cent of its revenue from cargo, reported US$574 million in cargo revenue in the first six months of 2009. EVA’s freight traffic measured in freight tonne kilometers flown fell 31.6 per cent from the first half of 2008, with … [Read more...] about TAIWAN: EVA Air sees cargo revenue plunge 51%
SOUTH KOREA: Korean Air swings to Q2 net profit
Korean Air reported this week that it has swung to a net profit in the second quarter after six consecutive quarters of losses, helped by lower fuel costs and large currency-linked gains. The world’s largest air cargo carrier is expected to see business recover gradually in the second half as South Korean exports improve and travel demand revives. Korean Air posted a 78.5 billion won (US$63.56 million) net profit for the quarter to 30 June compared with net losses of 288.9 billion … [Read more...] about SOUTH KOREA: Korean Air swings to Q2 net profit
SINGAPORE: First quarterly loss in six years for SIA
Singapore Airlines has posted its fi rst quarterly loss since 2003, with a S$307.1 million (US$212.6 million) loss that compared to a S$358.6 million profit in the fiscal first quarter of 2008-09. The global economic downturn, swine flu and unfavorable fuel hedges dragged the carrier into the red. Group revenue during the quarter ended 30 June dropped 30.5 per cent to S$2.87 billion while expenses were reduced 15.8 per cent to S$3.19 billion. A S$287 million loss on fuel hedges partially off … [Read more...] about SINGAPORE: First quarterly loss in six years for SIA
JAPAN: JAL cargo revenue plummets 56.2% in Q1
Hit by the dual impact of both the economic downturn and the outbreak of swine flu, Japan’s largest carrier Japan Airlines (JAL), reported a net loss of 99.04 billion yen (US$1.04 billion) in the three months ended 30 June. The dismal result was much larger than the 3.41 billion yen net loss it posted in the same quarter last year. “The net loss was 10 billion yen more than expected,†Yoshimasa Kanayama, a JAL senior vice president, said announcing the results. … [Read more...] about JAPAN: JAL cargo revenue plummets 56.2% in Q1
HONG KONG: Cathay posts H1 profit
The Cathay Pacific Group reported a profit of HK$812 million (US$104.8 million) for the first six months of 2009, compared to a loss of HK$760 million in the first half of 2008, thanks primarily to a HK$2.1 billion fuel hedging gain. Overall the group – which includes its Dragonair subsidiary – has been hit by a deep and sustained downturn in its key markets, with sharply reduced passenger and cargo revenues resulting in a 27.1 per cent drop in turnover to HK$30,921 … [Read more...] about HONG KONG: Cathay posts H1 profit
HONG KONG: Hong Kong air cargo decline moderates
Cargo tonnage at Hong Kong’s Asia Airfreight Terminal (AAT), pictured above, was down 20 per cent in July year-on-year, while the larger Hong Kong AirCargo Terminals was down 8.4 per cent. Hong Kong Air Cargo Terminals Limited (Hactl) has announced it handled a total of 201,157 tonnes of cargo in July, representing an improved year-on-year decline of 8.4 per cent compared with that in previous months. Cumulative tonnage from January to July was 1.2 million tonnes, down 19.6 per … [Read more...] about HONG KONG: Hong Kong air cargo decline moderates
