Air China starts to slowly rebuild passenger demand

Air China has reported some encouraging traffic developments in Oct-08, with both domestic passenger numbers and systemwide freight demand back into positive territory for the first time since Feb-08. Further international passenger weakness has however kept overall passenger numbers in negative territory year-on-year. But the bottom appears to have been reached for freight and passenger demand in Aug-08 and Sep-08, respectively. [1159 words]

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This report contains the following subheadings:

• Benefits from Taiwan charters and GDS deal
• Goes deeper into debt after big losses in Olympics quarter
• "Cold winter" ahead - closer cooperation, but mergers unlikely
• Outlook: Air China to play key role in any government-orchestrated restructuring

This report contains the following charts and tables:

• Air China passenger numbers growth vs cargo volume growth: Nov-07 to Oct-08
• Air China passenger numbers growth: Nov-07 to Oct-08
• Air China passenger capacity growth: Nov-07 to Oct-08
• Air China passenger load factor: Nov-07 to Oct-08
• Air China's current fleet and orders: Oct-08
• Air China's fleet plan: 2008 (remaining to deliver) to 2016: At Oct-08