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
Carriers
Malaysia Airlines (MAS)
Nine years after launching thrice weekly flights from Kuala Lumpur to Newark Airport via Stockholm, Malaysia Airlines (MAS) surprised many by announcing that it was suspending flights to New York due to what it said was low demand. The last flight to New York from Kuala Lumpur will be on 30 September while the last flight from New York will be on 1 October and on 2 October from Stockholm. MAS said it hopes to return to New York once demand picks up. … [Read more...] about Malaysia Airlines (MAS)
International Air Transport Association (IATA)
The International Air Transport Association (IATA) said June marked the 13th consecutive month of contracting demand for international air cargo. Despite reaching a bottom in December, improvement has been slowed by high inventory levels and soft demand. “At the current pace, it will likely take several years before demand returns to early 2008 levels.†IATA said air freight is refl ecting the earlier economic recovery in Q2 among some emerging Asian economies while recoveries are … [Read more...] about International Air Transport Association (IATA)
Brazil National Airlines Association
Brazil’s air cargo transport covering both domestic and import-export segments dropped by 24.7 per cent in the first half of 2009 as the country felt eff ects of the global economic crisis, Brazil’s National Airlines Association, or Snea, said recently. The association said total air cargo for the first half of the year was 636, 000 tonnes. The association said import-export cargo suffered the most, with a decline of 31.6 per cent while domestic air cargo dropped 17 per … [Read more...] about Brazil National Airlines Association
Emirates Airline
Emirates Airline denied charges by Australian competition regulators that it agreed with other airlines to fix prices on international air cargo. Te Dubai-based airline said it denies the allegations and plans to defend itself in a court hearing next month. Emirates said it does not intend to make any further comments because of the ongoing legal proceedings. The Australian Competition and Consumer Commission alleges Emirates worked with carriers in Singapore, Indonesia, Hong Kong, the United … [Read more...] about Emirates Airline
Russian Airline & Rosavia
Russia’s new state-run airline – Russian Airlines, known locally as Rosavia – has solicited offers from Boeing and Airbus for the 65 narrow body planes it plans to buy in the next few years, Reuters reported. Russian Airlines is being created by the state to absorb several carriers crippled last year by the financial crisis and high fuel prices. … [Read more...] about Russian Airline & Rosavia