I think it's interesting to point out the higher load factor year on year since Dec 2000.
Traffic and Capacity Statistics - December 2001
Summary of the headline figures
Capacity in December, measured in Available Seat Kilometres, was 12.5 per cent below December 2000. Traffic, measured in Revenue Passenger Kilometres, fell 10.4 per cent. The reduction in traffic comprised an 18.3 per cent decline in premium traffic and a 9.2 per cent fall in non-premium traffic. Passenger load factor of 68.6 per cent was up 1.5 points on December 2000. Cargo, measured in Cargo Tonne Kilometres, fell by 16.1 per cent.
For the quarter ended 31 December 2001, ASKs fell by 14.1 per cent, while RPKs fell by 18.0 per cent. This resulted in a third-quarter load factor of 65.2 per cent, 3.1 points lower than the same period last year. Premium traffic in the quarter fell by 27.3 per cent with non-premium traffic falling by 16.2 per cent. Cargo, measured in Cargo Tonne Kilometres, fell by 19.7 per cent in the quarter.
Market conditions in December continued to be difficult but showed a measurable improvement on the previous month. Promotional activity, particularly in the economy cabins, has been successful in supporting both seat factor and revenue. While yield is expected to be weak due both to discounting and mix effects, overall revenue, while clearly well below last year’s level, is exceeding initial expectations.