With the notable exceptions of ANA, Japan Airlines and Cathay Pacific Airways, carriers in this region were collectively just below breakeven for the first half of the year, Association of Asia Pacific Airlines (AAPA) DG Andrew Herdman reported at the association’s annual meeting in November in Tokyo. Herdman said revenue did not keep up with volume growth, resulting in a 5% decline in yield and a drop in load factors. The demand increase was 1 to 2 percentage points below capacity ...

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