SIA: Dec passenger load factor (PLF) dips 3.6% pts to 80.7%, partly due to capacity increase of 4.9% yoy. Another reason was a fall in no. of passengers carried, dipping 1% to 1.51m vs last yr. All regions - East Asia, the Americas, Europe, the South West Pacific as well as West Asia and Africa - saw declines in PLFs versus Dec 09...
Traffic during this traditional peak was affected by weather-related disruptions, which hit the Europe and Americas region and partly due to smaller volume of promotional traffic compared to Dec 09. Meanwhile, SIA's overall cargo traffic rose by 5.1% yoy in Dec while cargo capacity was up by 4.9%. As a result, cargo load factor (CLF) was marginally higher, up 0.1% pt to 63.5%...
CLFs improved for all route regions with the exception of East Asia and Europe. Overall results were fairly weak with poorer passenger load factors taking into acct holiday season. Jet fuel prices rising 8% over past mth to US$111 per barrel is also a cause of concern despite recent fuel charges. Our house maintains Buy at TP$18.90
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