The prognosis for the airline industry is improving, but the industry is unlikely to return to the high growth rates of a few years ago anytime soon, says Cathay Pacific Airways CEO Tony Tyler.
"We are seeing things get slightly better but it is unlikely that things will be the same as in 2007," says Tyler at the Association of Asia Pacific Airlines' (AAPA) annual assembly of presidents in Singapore.
Cathay has a team looking into the carrier's business model to determine if it needs to be tweaked as a result of the economic crisis. One key issue being discussed, according to industry sources, is if the carrier needs to look at having more economy class seats, moving away from its high dependence on the premium travel market.
Tyler says that the study will be "completed very shortly", although he declines to provide early indications of what has been discussed.
"While the prognosis seems to be improving, we need to have a look at the resilience of the business model," says Tyler. "We will announce the details when we are ready."