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Chinese airlines report USD1 billion loss in 2008 - more red ink seen in 2009

7-Jan-2009

2008 was a very difficult year for China's airlines and 2009 is shaping up to be equally challenging. Passenger traffic growth slipped to 3.3% (including a damaging 9% reduction in international traffic), while cargo volumes were flat (+0.2), which contributed to a USD1 billion industry loss. When traffic growth rates fall below GDP growth rates in China, airlines typically lose money. [1001 words]

Unlock the following content in this report:

Subheadings:

  • Double-digit traffic growth seen in 2009: CAAC
  • Traffic still weak in Nov-08
  • Freight slump suggests CAAC too optmistic
  • Year-to-date numbers soft
  • Too much capacity entering the fleet: more deferral likely
  • 43 aircraft orders dropped - more likely

Graphs and data:

  • Chinese Mainland airlines total passenger numbers growth (% year-on-year) and cargo volume growth (% year-on-year): 2003 to 2008
  • Chinese Mainland airlines total passenger numbers and passenger number growth (% year-on-year): 2003 to 2008
  • Chinese Mainland airlines total cargo volume and cargo volume growth (% year-on-year): 2003 to 2008
  • Mainland Chinese airlines passenger numbers growth (% year-on-year): Dec-07 to Nov-08
  • Mainland Chinese carriers passenger numbers growth (% year-on-year) vs cargo volume growth (% year-on-year): Dec-07 to Nov-08
  • Mainland Chinese carriers passenger numbers growth (% year-on-year): Nov-08 vs YTD 11 months
  • Mainland Chinese carriers cargo volume growth (% year-on-year): Nov-08 vs YTD 11 months
  • China fleet plan: 2009 to 2013 (as at 12-Nov-08)
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