Cathay Pacific 2003 Annual Report Download - page 11

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Cathay Pacific Airways Limited Annual Report 2003 9
Review of Operations
Comments by region are as follows:
North Asia
•Passenger yields and volumes from Japan
were depressed by a general reluctance to
travel in the wake of SARS.
•Following SARS, Korea’s leisure travel market
recovered faster than the business market.
•Taipei remained strong despite sustained
pressure on yields in a highly competitive
market.
South East Asia and Middle East
•After SARS, markets in the Middle East were
well supported by high volumes of contract
workers while business travel recovered at a
slower rate.
•South East Asian routes experienced a
healthy recovery in the second half, helped by
pricing initiatives.
•Strong growth in the Indian market continued
to support passenger yields.
•A large proportion of long haul passengers
connect through our hub at Hong Kong
International Airport to destinations in South
East Asia and the Middle East.
Europe
•The resumption of trade shows in Hong Kong
and Mainland China and the lifting of
corporate travel restrictions increased
business travel in the second half of the year.
•Following SARS, business traffic on the
European routes rebounded strongly.
•With strong demand on the London route,
services were increased in August to
three times daily. All three daily services
performed well.
•A fifth weekly service was added to Rome
following our first codeshare with oneworld
partner Qantas.
•Strong European currencies helped to
increase our dollar revenues.
Pacific and South Africa
•Australia and New Zealand performed well
and additional services were launched to
Auckland and Melbourne.
•A sixth weekly service was launched to
Johannesburg. The route continued to
perform well.
•The transpacific market recovered swiftly after
SARS and Los Angeles was returned to a
double-daily service at the end of September.