Cathay Pacific: No time to get excited, but performing better over long term than Singapore Airlines

Cathay Pacific’s first half earnings may have caught the analysts by surprise with better than expected yield improvements, but it is clearly too early to assume this is a full-fledged recovery. Premium yields are still not back to pre-crisis levels (indeed overall passenger yields have still not even eclipsed 2007 levels, let alone the 2008 peak). [820 words]

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This report contains the following subheadings:

• Challenges as capacity growth keeps yields cool
• Cathay is performing well in yields terms
• But not so well on costs
• The Cathay-Singapore Airlines contest: Singapore girl still overweight
• Profitability to define capacity strategies

This report contains the following charts and tables:

• Cathay Pacific passenger yield (HK cents): 1996 to 1H2010
• Cathay Pacific cargo and mail yield (HK cents): 1996 to 1H2010
• Cathay Pacific unit costs, yields and capacity index (100=1996): 1996 to 2010
• Singapore Airlines unit costs, yields and capacity index (100=1996): 1996 to 2010