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

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).

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