00:00Since the beginning of the crisis, like end of February, we were a little bit more worried
00:04because we are physically close to the hot zone, if I may call it that way.
00:11But the Ramadan, the Eid that we had and then the Easter afterwards, we saw a little bit of an
00:18impact of it.
00:19But then the recovery path was strong.
00:22Despite of the fact that Middle East makes around 6% of our overall capacity,
00:27we were very quick to relocate that capacity to the other places where the demand kept the momentum.
00:34In particular, Far East region and then South Asia, we saw a very strong demand
00:40and we added about like 40 additional frequencies, namely to the Asian countries, some African countries,
00:49even some European countries where the demand was holding up.
00:52And then overall, we were able to put about like a 5-6% capacity growth on top of last
00:58year, in the first half of the year.
00:59Is that capacity coming out of the Gulf carriers?
01:02Are people not going via the Gulf, they're going via you?
01:05A little bit of that, definitely.
01:07But we are not the only airline that took part of that capacity.
01:13Moreover, it was for an interim period of like two or three months.
01:18And then since, I could say, mid-June, we are seeing the Gulf carriers are almost full back into operation.
01:25So that extra demand we were getting from the Gulf carriers is gone.
01:31It's just like back to normal, I might say.
01:35But still, there is some hesitation, probably, on some potential leisure travellers.
01:40What about the last few days? Have you seen any shift in demand then?
01:44This thing, I think people are definitely cautious to travel, but it is not as strong as the first phase
01:51of the war.
01:54So people are more reluctant to cut their planning.
01:58But definitely, we have seen the horizon has shortened.
02:01People don't make any more like two or three months in advance reservations for their summer plans.
02:07They make like up to 40 days at most.
02:10So visibility is being reduced.
02:13It has been.
02:14What can you tell me about what the rest of the summer looks like and what maybe into the awesome
02:17looks like?
02:18I mean, actually, from today, when I look at the rest of July, August and September, we are slightly above
02:27last year.
02:28So it shows that the traffic is holding up, but the visibility drops significantly for the last quarter of the
02:35year.
02:36Into October, November, we see that we are seeing the reservations are below last year.
02:43So people are waiting to have more clarity as they get closer to their travel times.
02:49They are making the bookings.
02:50And what's happening with fuel prices?
02:52Fuel prices have been definitely very volatile.
02:54We had up to 50% of our 26 consumption.
02:58That's part of our regular strategy we have been implementing through many, many years.
03:03So it is providing some reservation.
03:06But more importantly, we were also able to increase the fuel surcharge on ticket prices.
03:13There are certain destinations where we were able to increase the price up to 20% the ticket price.
03:19I appreciate you.
03:20I do not see any future ads in place before me.
03:21You
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