Pakistan International Airlines' shares drop; North Asian carriers report traffic
Shares in Pakistan International Airlines plunged 7.4% in trading on Monday. The carrier announced late last week that it is in the process of finalising a restructuring plan, which is expected to be revealed in late April or early May. Shares in the carrier are up 9.1% for the year-to-date.
Three major carriers in North Asia have reported traffic results:
- China Southern Airlines reported a 1.3% increase in passenger traffic for Mar-2011, with domestic passenger numbers up just 0.1%. Load factors firmed 0.3 percentage points. Cargo volume was up 7.3%. Shares in the carrier fell 0.3%, with most other Chinese carriers also trading lower.
- EVA Air reported an 8.7% fall in Mar-2011 traffic, with passenger load factor dropping 8.1ppts. Encouragingly, yields rose 12.5%. Cargo volumes were up 2.3%, while cargo yields rose 0.8%. EVA Air shares rose 2.6%.
- All Nippon Airways reported highlights of its Feb-2011 international traffic, which rose 21.8% year-on-year, with strong growth to North America and Asia/Oceania. Load factors averaged 72.2%. All Nippon Airways expects its Mar-2011 international traffic will be down more than 20% year-on-year due to the effects of the earthquake disaster. ANA shares were up 0.4% on Monday.
Also reporting traffic was Tiger Airways, which handled 518,000 passengers in Mar-2011, up 18% year-on-year. Passenger load factors averaged 85%, up 1ppt. Tiger Airways shares fell 0.7% on Monday.
Selected Asia Pacific airline share price movements (% change): 11-Apr-2011