China Eastern reports strong traffic, Qantas to increase stake in Jetstar Pacific
China Eastern Airlines’ shares were up 0.4% yesterday, upon the release of the carrier’s Sep-2009 traffic results.
The carrier reported a 19% increase in passenger numbers, driven by double-digit domestic growth, while load factors were down marginally, by 0.8 ppts to 70.1%. Cargo volume was also up by double digits (+25%), once again driven by strong domestic demand.
Japan Airlines seeks restructuring aid
Japan Airlines’ shares slipped 2.9% yesterday, as further speculation was raised regarding the carrier’s turnaround plan. The carrier is reportedly seeking a JPY250-300 billion (USD2.8-3.3 billion) debt waiver through debt forgiveness and debt-for-equity swaps, as well as JPY150-300 billion (USD1.8-3.3 billion) in fresh loans and capital. See related article: Tokyo Haneda hub bombshell; Japan Airlines seeks USD2.8 bln debt waiver, capital increase
Qantas to increase stake in Jetstar Pacific
Qantas’ shares were down 0.3% yesterday. The carrier plans to increase its stake in Vietnam venture Jetstar Pacific from 27% to 30% by 2010. According to Jetstar CEO, Bruce Buchanan, Jetstar Pacific has increased its load factor from less than 80% when it took over the carrier's operations, to 85%.
Elsewhere, EVA Air’s shares gained 6.9% yesterday, following the previous day's 1.2% gain, as the carrier stated yields are starting to improve. Cathay Pacific’s shares were up 1.1% yesterday. See related article: Has the cargo market recovery started? Cathay and EVA Air yields start to improve
Asia Pacific selected airlines daily share price movements (% change): 13-Oct-09
