Cathay Pacific Airways has seen the falls in passenger and cargo traffic begin to stabilize but it is unclear whether there are real signs of a sustained recovery.
Cathay and other airlines have seen a stabilization in the big drops in cargo and passenger numbers, Cathay CEO Tony Tyler said in a speech at the Aviation Club in London.
But "this is traditionally a good time for us" so it remains to be seen, whether what "we are seeing this year... heralds a return to greener pastures".
"We'll have a better idea by the end of the year", but "I cannot at this stage honestly say that I see an end to it," he says.
He adds, when the "true recovery comes", Asia will be the first to bounce back because it "is sharply focused on economic development".