Asia Pacific airlines find blue sky among the clouds
KUALA LUMPUR – Preliminary financial performance figures for 2007 released by the Association of Asia Pacific Airlines showed that leading Asia Pacific airlines had a successful year.
Combined revenues reached US$103 billion, 11 per cent higher than the US$93 billion reported in 2006.
International passenger traffic volumes set a new record, growing by 4.2 per cent, and the passenger load factor rose to a record high of 77.1 per cent.
Overall, AAPA member airlines reported aggregate profits of US$ 5.2 billion, representing a five per cent net margin, a marked improvement on the three per cent net margin recorded in 2006.
Carriers benefited from prudent capacity management and tight cost controls, despite the impact of high oil prices which resulted in a fuel bill of US$27 billion, representing almost 30 per cent of total airline costs.
Commenting on the results, Andrew Herdman, AAPA’s director general said, “Asia Pacific airlines delivered some excellent results in 2007, with strong regional economies boosting demand for both business and leisure travel.
“Tight cost controls and prudent capacity management led to improved margins, despite the impact of persistently high oil prices.â€
He added: “After a very successful 2007, Asia Pacific airlines are well placed to meet both the opportunities and challenges which lie ahead.
“So far this year, we’re still seeing steady growth in both passenger and cargo demand, but there is a growing sense of unease about the likely impact of slowing global economic growth coupled with cripplingly high oil prices.
“Airlines are therefore bracing themselves for some turbulence in the remainder of the year.â€
Ian Jarrett
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