AAPA: Some airlines will not survive latest crisis
KUALA LUMPUR – – Members of the Association of Asia Pacific Airlines (AAPA) carried 12.3 million international passengers in August, 3.7 percent fewer than in the same month last year, while traffic measured in RPK terms fell by 1.2 percent.
Overall capacity grew by 2.4 percent, resulting in a 2.8 percentage point deterioration in the average international passenger load factor, to 76.7 percent.
Andrew Herdman, AAPA director general said, “For the
first eight months of the year, AAPA international passenger traffic, in RPK terms, grew by just 2.5 percent, well below the 4.2 percent growth seen for the whole of 2007.
“The combination of high oil prices and a slowing global economy represent an enormous challenge to airlines around the world. Some will not survive the current crisis.
Herdman added, “The recent fall in the price of oil from record highs has provided a measure of relief, but let’s not forget that today’s crude oil prices are still 40 percent above the average of $73 a barrel last year, and remain extremely volatile.â€
“Recent turmoil in the financial markets only adds to the uncertainty about the global economic outlook. Accordingly, we remain cautious about industry prospects for the rest of this year and 2009.
“Nevertheless, Asian airlines are better placed than many others to cope with current difficulties, and are still investing to take advantage of future growth opportunities,†he said.
Ian Jarrett
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