Tuesday, April 21, 2009

航空股自救大法

復活節假後,禤中怡選擇離港小休數天,搭乘國泰航空(293)的飛機,但地勤人員竟告知要與朋友分坐各處,令人失望,但登機時,原來他們已再安排重新調回同坐一起,實在要讚賞其效率驚人。見到全機滿滿的,實不像經濟蕭條,即使回程的座位仍近全滿,真熱鬧!

不過,禤中怡這次往南韓,每人索價才逾3,000元,又機票,又酒店,再見到朋友用千多元買一張來回高雄機票,十分便宜,不知航空公司怎獲利,因固定成本不少,純粹為填補載客能力而售平價機票,所得收入難應付有關成本,恐怕金融海嘯對航空公司影響巨大,但對喜歡旅遊的朋友可能是佳音。

當然,經濟艙的收益或可只供抵銷支出,最大的肥肉始終是商務和頭等艙的收益,奈何經濟活動減少,賓架也不用飛來飛去,數萬元一張機票又怎樣銷售呢?聽公營機構的朋友談起,想請海外廣告公司pitch廣告,以前他們會要求乘搭商務機位,但今日廣告公司管理層表明,搭經濟客位來港也無問題,最緊要有生意機會!

見到國泰要員工放無薪假期,削減運載能力,如減少航班等措施,與其他同業所採取策略相若,如澳航續削減5%載客量,減少貨運載貨量、售10架客機及推遲訂購飛機,甚至再裁500名管理人員。

國泰股價昨日立即有反應,最慘烈時,曾穿9元,見8.95元,收市仍要逆市下挫1.8%至9.08元,相信業績難有改善,但會否趁勢供股儲彈藥?相反,見到內地航空股齊執行調低機票折扣政策,變相加價,股價急速攀升,如東航(670)大增16.9%至 1.45元的接近全日最高位收市,政策市認真萬試萬靈!

其實,航空公司自救各師各法,如日本航空公司Skymark竟想出將逾千名包括機師、空中服務員和地勤人員的制服改為有領T恤和風褸,冀節省成本,畢竟提供恤衫和外套等服裝,對這類只有12架飛機,只飛內陸航線的航空公司來說,花費非輕,但這種仿效美國西南航空(Southwest Airline)以有領T恤作為制服的做法,會否影響企業形象,而有意加入這個行業的新人,究竟揀T恤,還是選沿用行政套裝般制服的航空公司呢?

至於歐洲航空公司中,德國漢莎航空(Lufthansa)應變能力算強,或許與業務較全面有關,除航空公司外,還提供航空餐飲、資訊科技,以及飛機維修業務,降低單一業務風險,同時有一套獨特的員工上班機制,空中服務員每月都有一定飛行時間,介乎70至80個小時,在好景時,每月工作時間逾80個小時,業務需求下降時則減少工作時間,變相減薪,而這種自動調節機制可避免與員工爭拗。此外,他們推出的無薪假期特別受員工歡迎,如去年11月,金融海嘯席捲期間,竟有多達500名員工申請放1個月無薪假。此外,這間航空公司還增加聘用兼職員工,所佔比重高達25%之多,難怪他們能在短短3個月間,將員工成本減少一成!

(4月21日刊於《am730》)

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