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Global Airlines Financial Monitor: August 2018

Key Points:

  • The latest Q2 2018 data reaffirm a decline in airline profitability compared to the same quarter a year ago. Industry-wide cash flow generation is broadly unchanged vs. Q2 2017.
  • Global airline share prices edged higher in August, matching the wider global equity index, and consolidating the strong gain recorded in July. This month’s improvement in the airline share price index was driven solely by the North American carriers. Airline shares are still 10% lower than at the beginning of this year.
  • Oil prices eased slightly again in August, but the upward trend remains in place. Jet fuel prices were steady, at just under US$90/bbl.
  • Passenger yields (base fare only) continue to trend lower overall, however, premium cabin yields continue to show more resilience than that of the economy cabin, helping to offset some of the impact of higher input prices.

Passenger demand remained robust at the start of the peak northern hemisphere summer period, growing at an above-trend rate. Freight demand has slowed over the recent period, slipping below the pace of capacity growth.

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