THE atmosphere at the 2023 Association of Asia Pacific Airlines (PA) annual Assembly of Presidents held recently in Singapore was notably upbeat, reports London's FlightGlobal.
Member airlines such as Singapore Airlines (SIA), Cathay Pacific, and Thai Airways International celebrated a return to profitability, riding on a robust recovery trajectory.
SIA reported several consecutive quarters of profits, nearly all-surpassing pre-Covid crisis records, while Cathay, once trailing its regional counterparts, is poised to achieve its first full-year profit in three years.
Optimism was palpable during the CEO panel at the 2023 PA Assembly of Presidents, featuring executives like Thai's Chai Eamsiri, Cathay's Ronald Lam, Philippine Airlines' Stanley Ng, and Air India's Campbell Wilson.
Indeed, member airlines, along with other carriers across Asia, anticipate a complete pre-pandemic recovery by 2024, with some already witnessing signs of it in certain parts of their network.
According to IATA passenger traffic data for November, Asia-Pacific carriers led other regions in year-on-year growth. However, the region still faces challenges in achieving full recovery, particularly in international travel demand.
'In particular, Asia Pacific carriers' international demand is 19.5 per cent behind 2019. This could reflect the late lifting of [Covid-19] restrictions in parts of the region as well as commercial developments and political tensions,' said IATA director general Willie Walsh.
The industry body added in its profit forecasts for 2024 that Asian carriers are expected to swing from a loss of US$100 million in 2023 to a $1.1 billion profit in 2024.
Says IATA: 'While some of the region's main domestic markets (China, Australia, and India) recovered quickly from the pandemic, international travel to/from the region was subdued as China only eliminated the last of its international travel restrictions in mid-2023.'
SeaNews Turkey
Member airlines such as Singapore Airlines (SIA), Cathay Pacific, and Thai Airways International celebrated a return to profitability, riding on a robust recovery trajectory.
SIA reported several consecutive quarters of profits, nearly all-surpassing pre-Covid crisis records, while Cathay, once trailing its regional counterparts, is poised to achieve its first full-year profit in three years.
Optimism was palpable during the CEO panel at the 2023 PA Assembly of Presidents, featuring executives like Thai's Chai Eamsiri, Cathay's Ronald Lam, Philippine Airlines' Stanley Ng, and Air India's Campbell Wilson.
Indeed, member airlines, along with other carriers across Asia, anticipate a complete pre-pandemic recovery by 2024, with some already witnessing signs of it in certain parts of their network.
According to IATA passenger traffic data for November, Asia-Pacific carriers led other regions in year-on-year growth. However, the region still faces challenges in achieving full recovery, particularly in international travel demand.
'In particular, Asia Pacific carriers' international demand is 19.5 per cent behind 2019. This could reflect the late lifting of [Covid-19] restrictions in parts of the region as well as commercial developments and political tensions,' said IATA director general Willie Walsh.
The industry body added in its profit forecasts for 2024 that Asian carriers are expected to swing from a loss of US$100 million in 2023 to a $1.1 billion profit in 2024.
Says IATA: 'While some of the region's main domestic markets (China, Australia, and India) recovered quickly from the pandemic, international travel to/from the region was subdued as China only eliminated the last of its international travel restrictions in mid-2023.'
SeaNews Turkey