Singapore Airlines (SIA) last month posted a fall in passenger traffic of 23%.
The Star Alliance carrier says in a statement that in May RPKs fell 23% and in real terms the number of passengers fell 24% to 1.2 million from 1.6 million.
SIA cut capacity by 14% but it was insufficient to combat the fall in traffic so the passenger load factor fell 7.8 percentage points to 66.9% from 74.7%.
The carrier's freight tonne kilomet4res fell 21% but it cut freight capacity by 21% so the cargo load factor actually rose 0.5 percentage points to 61.2% from 60.7%.
"Traffic demand continues to be impacted by the global economic slowdown," says SIA.
"As a result, all route regions registered lower passenger load factors compared to last year."
"Uncertainty over the spread of H1N1 will also impinge on demand," it adds.