Thai Airways and Singapore Airlines higher, Qantas and Virgin Blue steady, Cathay eases – Share Wrap

Thai Airways shares jumped a further 4.9% yesterday after Tuesday's 8% gain, as the carrier reported a better than expected profit in the three months ended 31-Mar-09. Operating profit surged 147.6%, thanks to a 45% fall in jet fuel prices and a massive foreign currency gain (which accounted for more than half of the carrier's operating profit). The 26.1% plunge in revenue is of concern, reflecting a 20.3% reduction in RPKs.