noone , page-9

Hi Ninie,

You need to be a little careful with being too bullish about how much they have grown their passenger numbers. It's good news but not the whole story - they have increased capacity (and therefore cost)at a faster rate than their passenger numbers.

The real test is what has happened with yield - they don't publish this month to month but we might get an insight from the AGM on how they are tracking for the first 4 months of this FY.

Don't get me wrong - I reckon it's way oversold but may be some painful moments in the next 6 - 12 months.