OnePassLover,

If you take into account SQ's accounts from Jan-Mar 03, you will find that SQ was already operating in the red from February 2003 so therefore SQ's losses would be worse.

What is more interesting is that SQ got a tax cutback and this is taken into consideration with their US$214 million but if you take that out of the equation, then the loss is even higher.

My conclusion is that CX is now operating at breakeven or in the black whilst SQ is still running at a loss - this is the difference between SQ and CX.

My vote goes to CX management for a fantastic job they have done in the past 3 months. I am proud of Cathay Pacific and wish them all the best - a truely great way to fly.