SPA released its Oct-17 traffic data with +19.9% YoYimprovement in RPK vs. +10.3% YoY in Sep-17 and +4.1ppt YoYrise in international PLF.

RPK growth accelerated: SPA’s revenue passenger kilometers (RPK) growthaccelerated to +19.9% YoY in Oct-17, from +10.3% in Sep-17. The strongmomentum was driven by both domestic (+24.4% vs. +18.2%) and international(+12.4% vs. -3.0%) routes, while the decline on regional routes also narrowed to -3.1% from -15.0% in Sep-17.

In the first ten months of 2017, RPK growth improved to +23.4% YoY, vs. +11.5%in the same period of 2016, thanks to higher domestic growth (+33.7% vs. -1.3%).

Higher international PLF: Given the 18.4% YoY increase in ASK, SPA’s passengerload factor (PLF) improved by 1.1ppt YoY in Oct-17, to 88.4%. Specifically,international PLF rose 4.1ppt YoY to 82.4%, with a 6.7% YoY increase in ASK.Domestic and regional PLFs declined to 91.3% (-0.4ppt YoY) and 83.3% (-9.1pptYoY), respectively.

In the first ten months of 2017, overall PLF fell -1.0ppt YoY, to 91.2%, led bylower PLFs on all routes: domestic (-1.5ppt YoY, to 93.0%), international (-0.6pptYoY, to 87.4%) and regional (-5.9ppt YoY, to 88.2%).

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