Chinese aviation industry achieves “massive recovery” – CAAC. How sustainable is it?

CAAC Director and former Air China Chairman, Li Jiaxiang, stated China’s aviation industry has achieved a “massive recovery”, generating CNY8 billion (USD1.2 billion) in profit so far this year, compared to a full year loss of USD4.1 billion in 2008. According to Mr Li, these results indicate a “full recovery” within the Chinese aviation industry. [3838 words]

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This report contains the following subheadings:

• Boeing and Airbus see continued growth in China     
• Chinese majors report combined profitability in 1H2009 (with a bit of help)
• And the highest operating and net profit goes to … Air China
• Air China: Double-digit growth across the board in Aug-2009
• China Southern the worst-performing among the Big Three 
• China Southern: China’s largest carrier by pax, with double-digit pax growth
• China Eastern Airlines experiences most shattering yield reductions
• China Eastern: Sees largest jump in pax among the majors
• Shanghai Airlines slips into the red in 1H2009
• Hainan Airlines reports net profitability, operating loss in 1H2009
• Hainan Airlines enters rapid growth phase  
• Shandong Airlines reports positive operating margin
• Freight shows signs of stabilising; returns to positive territory for the majors
• Cathay Pacific struggling with yield weakness
• Outlook: Fastest growing aviation market in the world, but challenges ahead

This report contains the following charts and tables:

• CAAC traffic highlights: Jul-2009
• Select Chinese carriers’ key financial results: Six months ended 30-Jun-2009
• Select Chinese carriers’ operating and net profit margins (%): Six months ended 31-Mar-09
• Cathay, Hainan Airlines, China Eastern, China Southern and Air China passenger load factor (ppts) growth: Aug-2007 to Aug-2009
• Air China traffic highlights: Aug-2009
• China Southern Airlines traffic highlights: Aug-2009
• Cathay, Hainan Airlines, China Eastern, China Southern and Air China capacity (ASKs) growth: Aug-2007 to Aug-2009
• Select Chinese carriers’ key financial results: Six months ended 30-Jun-2009
• Cathay, Hainan Airlines, China Eastern, China Southern and Air China passenger number growth: Aug-2007 to Aug-2009
• China Eastern Airlines traffic highlights: Aug-2009
• Hainan Airlines financial highlights for six months ended 30-Jun-2009
• Hainan Airlines traffic highlights: Aug-2009
• Cathay, Hainan Airlines, China Eastern, China Southern and Air China traffic (RPKs) growth: Aug-2007 to Aug-2009
• Hainan Airlines 2009 forecasts
• Shandong Airlines financial highlights for six months ended 30-Jun-2009
• Spring Airlines out performs its smaller/private carrier rivals, does not expect aviation industry recovery in 2H2009
• Passenger numbers trends for the smaller Chinese airlines:  May-2008 to Jul-2009
• Cathay, Hainan Airlines, China Eastern, China Southern and Air China freight (FTKs) growth: Jul-2007 to Aug-2009
• Cathay Pacific freight and AFTK growth: Aug-2008 to Aug-2009
• Cathay Pacific/Dragonair traffic highlights: Aug-2009
• Cathay Pacific passenger number growth, RPK and ASK growth: Aug-2008 to Aug-2009