Air New Zealand’s shares were down 0.8% yesterday. CEO, Rob Fyfe, told The Australian that he expects it will take up to three years for the carrier to fully recover from the global economic crisis, adding that although demand is now improving, the carrier is yet to see a significant improvement in yields.
Mr Fyfe added, “I'd say at the moment we're in the early stages of fragile recovery but we are far from out of the woods”.
“The industry has taken a turn for the better”: SpiceJet
SpiceJet’s shares gained 1.0%, as the carrier’s CEO, Sanjay Aggarwal, commented that the aviation industry has "taken a turn for the better…we are looking forward to a good quarter ahead”. This reflects similar comments made the day earlier by Kingfisher Airlines, which expects “buoyant” demand to continue, seeing improvements in premium and economy yields.
SpiceJet, according to local news reports, posted a USD24 million net profit in the three months ended 31-Dec-2009, from a USD4 million net profit in the previous corresponding period. The profitable result was aided by a 36% year-on-year increase in net sales, a 55% jump in passenger traffic and a 22% reduction in cost per ASK.
Also in the Asia Pacific region, Air China’s shares gained 5.6%, while shares in Qantas and Cathay Pacific also improved (up 2.1% and 0.4%, respectively). Singapore Airlines’ shares were down 0.7% yesterday.
For in depth coverage of today's Asia Pacific aviation developments, see Asia Pacific Airline Daily.
Asia Pacific selected airlines daily share price movements (% change): 21-Jan-2010
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