This week's ABTN news in brief
Changi reports increased passenger traffic
Singapore Changi Airport handled 37.7m passengers last year, an increase of 2.7% compared to 2007 according to Civil Aviation Authority of Singapore (CAAS) figures.
Both regional and long-haul sectors registered growth. Traveller numbers from Australia, Germany and the UK grew 5.6%, 5% and 7% respectively.
Thailand and China were the only countries to show declines in traffic to Changi of 10.9% and 5.2%.
"Despite the difficult economic climate, Changi Airport has performed commendably in 2008," said Lim Kim Choon, CAAS director-general and ceo.
"We acknowledge that 2009 will be a challenging year and recognise the tough operating environment that airlines and airport partners are operating in."
www.changiairport.com
Starwood reports $45m fourth quarter loss
Starwood Hotels reported a fourth quarter loss of $45m from continuing earnings compared with a $146m for the same period in 2007.
The chain said that worldwide its revPAR (revenue per available room) dropped by 12.1% in the three months to the end of December.
Frits van Paasschen, Starwood's ceo, said: "In the past year, we have made significant progress in reducing our costs, which enabled us to deliver better than expected quarterly results despite worse than expected REVPAR.
"Our extensive cost cutting efforts at the property level will help offset some of the margin erosion that results from declining REVPAR.
"We also scaled back our capital spending in all areas for 2009.
"While the outlook for 2009 remains challenging, we are prepared for the worst and confident that we will emerge from this downturn stronger than ever."
www.starwoodhotels.com
Ryanair reports €101.5m loss
Ryanair has recorded a third quarter loss of €101.5m last year, despite a 6% rise in revenue to €604.5m.
The Irish low cost carrier blamed soaring fuel costs amounting to €328m, up 71% from Q3 2007.
Average fares fell by 9% to €34, although traffic grew 13% to 14m.
Michael O'Leary, Ryanair's ceo, said: "Our Q3 loss of €102m was disappointing, but in line with expectations, and was almost entirely due to a €136m increase in fuel costs.
"The general economic environment remains extremely difficult, as the recession saps consumer confidence, but this is proving to be good for Ryanair's traffic growth, as more and more passengers switch to Ryanair.
"Our balance sheet continues to be one of the strongest in the industry with over €1.8bn in cash at the end of Q3."
www.ryanair.com