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Cathay Pacific: No time to get excited, but performing better over long term than Singapore Airlines

5-Aug-2010

Cathay Pacific’s first half earnings may have caught the analysts by surprise with better than expected yield improvements, but it is clearly too early to assume this is a full-fledged recovery. Premium yields are still not back to pre-crisis levels (indeed overall passenger yields have still not even eclipsed 2007 levels, let alone the 2008 peak). [820 words]

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Subheadings:

  • Challenges as capacity growth keeps yields cool
  • Cathay is performing well in yields terms
  • But not so well on costs
  • The Cathay-Singapore Airlines contest: Singapore girl still overweight
  • Profitability to define capacity strategies

Graphs and data:

  • Cathay Pacific passenger yield (HK cents): 1996 to 1H2010
  • Cathay Pacific cargo and mail yield (HK cents): 1996 to 1H2010
  • Cathay Pacific unit costs, yields and capacity index (100=1996): 1996 to 2010
  • Singapore Airlines unit costs, yields and capacity index (100=1996): 1996 to 2010
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