Asian Carriers See a Decline in their Business as the US & UK Businesses and Economy Continue to Struggle
While crude oil prices have fallen of late, the price of aviation fuel that Cathay Pacific is paying is still higher than the average levels during the first half of last year.
Cathay Pacific Airways Ltd. said demand among business travelers its main venue source has already started to fall, compounding problems the airline already faces due to the surge in fuel costs.
Cathay’s chief Executive Tony Tyler said in the latest issue of CX Worlds, the company’s internal publication, “At the moment this market has almost stopped growing despite a big rise in capacity.†Cathay Pacific would be hard hit if the US and UK economies continue to take the fall. “The US generates a big percentage of our revenue and we are highly exposed to the UK market with four long haul flights a dayâ€, he said.
After the disasters, both natural and economic experienced in recent days, Cathay like many carriers will continue to feel the crunch.
By Karen Loftus
Karen
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