作为曾经“捞走”全球航企近半利润的中国四大航空公司，国航、南航、东航、海航今年三季度营业收入依然实现同比小幅增长，而净利润却同比下降22%。 作为曾经“捞走”全球航企近半利润的中国四大航空公司，国航、南航、东航、海航今年三季度营业收入依然实现同比小幅增长，而净利润却同比下降22%。

As ever"Fish go"Global navigation enterprise nearly half profit of the four Chinese airlines,Air China/China southern/China Eastern airlines/Hna the year to the third quarter operating income is still realize a small increase year-on-year,And net profit is 22% year-on-year drop. As ever"Fish go"Global navigation enterprise nearly half profit of the four Chinese airlines,Air China/China southern/China Eastern airlines/Hna the year to the third quarter operating income is still realize a small increase year-on-year,And net profit is 22% year-on-year drop.

　　分析认为，航油成本、汇兑损失的增加是四大航营收增长而净利下降的主要原因。

According to analysis,Fuel cost/The increase of exchange loss is four big traffic revenue growth and the main reason for decline in net profit.

　　最赚钱航企净利下降 The most money navigation enterprise net profit decline

　　全球最赚钱航企光环不再，四大航今年第三季度营收大增但净利下降。

One of the world's most money navigation enterprises no longer aura,Four big air in the third quarter of this year revenue soar but net profit decline.

　　国际航协数据显示，去年第三季度，全球航空公司净利润共计为39.47亿美元(约246亿元人民币)。其中，中国四大航空公司国航、南航、东航、海航以超过118亿元的净利润占据近半壁江山，堪称全球最赚钱航企。2010年，国航更是以年收入824.9亿元，年净利120.05亿元赢得“2010年度纯利润世界第一航空公司”的头衔。按照国际航协的排名，海航和东航也跻身“2010年全球航企盈利十强”。

The international air transport association (iata) data display,The third quarter of last year,,The global aviation company net profit of $3.947 billion(About 24.6 billion yuan RMB).the,China's four big airlines Air China/China southern/China Eastern airlines/Hna to more than $11.8 billion net profit occupied nearly deodorants,As one of the world's most money to enterprises.In 2010,,Air China is take the yearly income of 82.49 billion yuan,Year net profit of 12.005 billion yuan to win"2010 annual net profit for the first airlines in the world"title.According to the international air transport association (iata) rankings,Hna and China Eastern airlines also among"In 2010 the global navigation enterprise top profit".

　　今年三季报显示，四大航三季度营业收入同比小幅增长，国航三季度营业收入上涨2.1%、南航9.4%、东航2.8%、海航5.5%。但净利同比下降约两成，共计约为92亿元。其中南航第三季度净利22.16亿元，同比下降29.25%，降幅居四大航之首。

Three quarterly report shows that this year,Four big air in the third quarter year-on-year revenue growth slightly,Air China business income rose by 2.1% in the third quarter/China southern airlines 9.4%/An 2.8%/Can get to the hna's 5.5%.But net profit year-on-year drop about twenty percent,A total of about 9.2 billion yuan.The China southern third quarter net profit of 2.216 billion yuan,29.25% year-on-year drop,A drop in the first four navigation.

　　除国航以外，其他三大航在主营的航空业务之外，投资收益明显大涨。国航虽然没有获得更多投资收益，但应收款同比增加不少。

In addition to outside Air China,The other three big main navigation in the aviation business outside,Investment income rose significantly.Air China although there is no gain more investment income,But the accounts receivable year-on-year increase many.

　　由于第三季度所投资公司经营业绩较去年同期有所好转，东航第三季度投资收益为7317万，同比涨幅为121.9%。海航在第三季度获得的投资收益为1.04亿，去年仅1000万，同比暴涨926.76%。海航称投资收益大幅增加，主要是投资联营公司收益增加所致，但财报并没有显示收益具体来自于哪些联营公司。南航投资收益2.74亿，同比也是暴涨537%，去年仅为4300万。

In the third quarter due to the investment company operating performance than the same period last year better,China Eastern airlines in the third quarter of investment income for 73.17 million,121.9% year-on-year.In the third quarter of hna gains for 104 million,Last year only 10 million,Surged 926.76% year-on-year.Hna says investment income increase,Is mainly caused by investment affiliated company gains,But earnings and earnings did not show specific from which affiliated company.China southern airlines investment income 274 million,Also surged 537% year-on-year,Last year only for 43 million.

　　国航投资收益减少，国航认为这主要是报告期内部分联营公司投资损益减少所致。今年第三季度，国航投资收益为3.84亿，比去年同期的5.84亿减少34.2%。但财报显示，受报告期内多架飞机到机引起的飞机制造商记账回扣增加，及子公司坏账准备部分转回的影响，国航第三季度该部分应收款为28.89亿，同比增加73.84%，去年同期为16.62亿。

Air China investment income reduce,Air China think this is mainly report period part of the affiliated company investment profit and loss caused by reduced.In the third quarter of this year,Air China investment income for 384 million,Than last year the corresponding period of 584 million decreased by 34.2%.But results show,By the report period much plane to the machine caused by aircraft manufacturers bookkeeping rebate increase,And the affiliates bad debt reserve part of the influence of the return,Air China in the third quarter of this part of the account receivable for 2.889 billion,Increased by 73.84% year-on-year,The same period last year for 1.662 billion.

　　对于今年第三季度全球航空公司净利，国际航协暂未给出数据。不过，国内航企“盈利排头兵”的光环已然不再。虽然处于欧债危机中心地带，德国汉莎航空公司第三季度营业利润上升了6.2%，至6.48亿欧元(约合人民币51.39亿元)；法荷航更有27%的上升，至5.06亿欧元(约合人民币40.13亿元)。

For the third quarter of this year the global aviation company net profit,The international air transport association (iata) temporary gave no data.but,Domestic air enterprises"Profit points"Aura has no longer.Although in the debt crisis center zone,Lufthansa third quarter operating profit rose 6.2%,To 648 million euros(5.139 billion yuan);Franco-dutch navigation are more 27% increase,To 506 million euros(4.013 billion yuan).

　　汉莎表示，该公司通过重组计划节省15亿欧元的成本，其中包括削减3500名行政人员、冻结运力和取消部分短途航线等，节省下的成本将大大超过今年全年的燃油成本。法荷航的情况与之类似，该公司此前已宣布将通过削减超过5000名员工、合并内部财务部门及削减航班来压缩成本。

Lufthansa said,The company through the restructuring plan to save the cost of 1.5 billion euros,Including cut 3500 administrative personnel/Freezing capacity and cancellation of short flight, etc,Save the cost of the year will greatly exceed the fuel cost.Method the Holland airlines similar,The company had already announced through the cut more than 5000 employees/Combined internal financial departments and cut flights to compression cost.

　

　第三季度汇兑损失约2.4亿 The third quarter exchange loss of about 240 million

　　四大航将增收未增利归咎于航油价格高企，以及人民币贬值致汇兑损失。

Four big air will not ZengLi due to increasing fuel prices,The devaluation of RMB and to exchange loss.

　　进入三季度航油价格一路走高，平均油价在今年上半年同比增长超10%。国航、南航、东航半年报均显示，航油成本已占到总成本的四成，是最大成本因素。

The third quarter into fuel prices go all the way high,Average prices in the first half of this year over 10% year-on-year growth.Air China/China southern/China Eastern airlines semi-annual report shows,The cost of fuel has accounted for forty percent of the total cost,Is the biggest cost factor.

　　以南航为例，今年上半年南航净利润为4.49亿元，较去年同期的27.55亿元大降83.7%。其中航油成本同比增26.6%，为185.28亿元，是净利的41倍，导致主营业务成本同比增长17.1%。国航、东航等情况与其相似。三季报中未对航油成本列举具体数字，但都在财报中做出了航油成本持续较高的说明。

With China southern airlines, for example,In the first half of this year China southern net income for 449 million yuan,Compared to the same period last year 83.7% of the 2.755 billion yuan.The fuel cost increased by 26.6% year-on-year,For 18.528 billion yuan,Is a net profit of 41 times,Lead to advocate business wu cost year-on-year growth of 17.1%.Air China/China Eastern airlines, etc and its similar.Three quarterly report on the cost of fuel not cite specific Numbers,But in the earnings made objective cost continuous high description.

　　民航专家王疆民对记者表示，“油价把净利都吃掉了，油价确实太高了。”一位熟悉航企的人士对记者表示，燃油附加费只能一部分抵消高油价的压力，“如果油价降下来，航企的利润马上就会涨上去。”

Civil aviation experts in xinjiang people king told reporters,"Oil prices are eaten the net profit,Oil prices really is too high."A person familiar with the navigation enterprises who told reporters,Fuel surcharge can only part of the offset the pressure of high oil prices,"If prices drop down,Navigation enterprise profits will soon rise up."

　　除高油价外，人民币兑美元贬值引起的汇兑损失致使航企财务费用大增。中信证券分析称，四大航今年上半年汇兑损失总计超过10亿元，第三季度约2.4亿元，致财务费用上涨。而去年同期的财报上，财务费用一栏中则显示为汇兑收益。

In addition to the high oil prices,The yuan against the dollar exchange loss caused by the navigation enterprise finance costs soar.Citic securities analysis says,Four big navigation in the first half of this year exchange loss amounted to over 1 billion dollars,The third quarter of about 240 million yuan,The financial costs rise.And the same period last year on the earnings,Financial expense a bar is displayed as exchange earnings.

　　据了解，航企购买飞机而背负的债务大部分以美元计算。目前国内航空公司资产负债率很高，都超过70%。受全球经济下行的影响，人民币兑美元在三季度接连走低。而人民币的贬值就增加了航空公司的偿付成本，将以往的汇兑收益变成了汇兑损失，拖累了航企的业绩表现。

It is understood,Air to buy the plane and bear debt most in dollar terms.At present domestic airlines asset-liability ratio is very high,Is more than 70%.By the influence of the global economic downward,The us dollar in the third quarter after falling.And the depreciation of the RMB will increase the airlines pay cost,Will past exchange income into exchange loss,Drag the navigation performance of enterprises.

　　不过，截至11月2日，国际油价已连续第三周下跌，自11月1日起，航空煤油结算价格每吨下调171元，航空公司的成本压力将会有所减轻。

but,By November 2,,,International oil prices have for the third consecutive week fell,From November 1,,Aviation kerosene settlement price cut 171 yuan per ton,Airlines cost pressure will be mitigated.

　　拟融资额为净利3.7倍 Fitting for the net profit or junk-rated 3.7 times

　　公告显示，今年以来，四大航多次发股发债，用于补充资金需求。

announcement,Since this year,Four big air multiple hair strands of FaZhai,Used to add capital demand.

　　国航方面表示，公司通过控制辅助动力装置的使用、优化放行条件、提升限载机场载量等措施，节省航油582吨，提升载量空间395吨。

Air China said,The company through the control of the use of auxiliary power unit/Optimization release conditions/Ascension limit load airport capacity etc,Save 582 tons of fuel,Ascension space capacity of 395 tons.

　　东航则推行了DOC(直接运行成本)系统，争取保证油耗和飞行时间达到最佳比例、减少地面滑行和等待时间，以此将油耗在合理范围内降至最低。

China Eastern airlines is pushing the DOC(Direct operation cost)system,To ensure that the fuel consumption and the time of flight to achieve the best proportion/To reduce ground glide and waiting time,This will fuel consumption in the reasonable scope drop to the minimum.

　　王疆民表示，航空公司在淡季都会减少运力和飞行小时，以此减少航油、销售费用等成本。

The king said people in xinjiang,Airlines in the slack season will reduce the capacity and flight hours,To reduce fuel/The sales expenses cost.

　　除控制成本外，四大航在融资方面都有大动作，以应对高额营业成本的资金需求。据记者粗略统计，四大航今年拟融资额共计约344.37亿元，约为第三季度净利的3.7倍。

In addition to the cost control,Four big air in financing has great action,In response to high operation cost of the fund demand.According to the reporter rough statistics,Four big air this year or junk-rated fitting a total of about 34.437 billion yuan,For the third quarter net profit of about 3.7 times.

　　南航于今年6月宣布，向控股股东南航集团非公开发行A股股票，约募集资金20亿元。10月31日，南航又发布公告称，为降低公司汇率风险，董事会已同意公司向中国银行间市场交易商协会申请注册不超过100亿元人民币超短期融资券额度。

China southern announced in June of this year,To the controlling shareholder China southern group the non-public issuance of A shares,About raising capital of 2 billion yuan.October 31,China southern airlines and releases announcement to say,To reduce the risk of exchange rate,The board of directors has agreed to the company to China interbank market dealers association to apply for registration of not more than 10 billion yuan RMB excess amount of short-term financing bonds.

　　8月，海航公告称，已通过非公开发行A股股票募集到资金77.87亿元。9月，东航发布公告称，公司将通过“A+H”两地市场增发融资，总规模约36亿元人民币。另外，公告显示，东航已于9月13日完成了2012年度第一期超短期融资券的发行，发行额为40亿元人民币，期限为270天。

August,Can get to the hna's announcement to say to,Already through the non-public issuance of A shares to raise capital of 7.787 billion yuan.September,China Eastern airlines releases announcement to say,The company will through the"A + H"Two additional financing market,The total size of about 3.6 billion yuan RMB.In addition,announcement,China Eastern airlines has on September 13, completed the 2012 annual first period over the issue of short-term financing bonds,Circulation for 4 billion yuan,Deadline for 270 days.

　　国航自10月31日起，发行了60亿元7年期固息中期票据。国航称，募集资金中的50亿元用于偿还银行借款，10亿元用于补充主营业务的资金需求，包括航油采购、飞机维修、航空配餐、机场起降、飞机及发动机经营租赁等。另外，证监会于11月初批准了中国国航通过非公开股票发行交易接受母公司中国航空集团公司人民币10.5亿元注资的计划。

Air China since October 31 up,Issued 6 billion yuan and 10-year solid interest medium-term notes.Air China said,To raise funds of 5 billion yuan used to repay bank loans,1 billion yuan used to add main business capital demand,Including fuel procurement/Aircraft maintenance/Airline catering/Airport landing/Aircraft and engine operating leases, etc.In addition,Securities regulatory commission approved the in early November Air China through the private stock issue transaction accept the parent company China aviation group company 1.05 billion yuan capital injection plan.

　　开发更多潜在旅客 The development of more potential passenger

　　四大航现在开始向二、三线城市发展，一些公司也在向国际市场进军。

Four big air now began to two/Three line urban development,Some companies also to the international market in March.

　　王疆民认为，从去年到现在，航空市场确实有放缓现象，但整体是好的。在世界经济不景气的大背景下，国外很多航空公司都面临困境。一些亚太地区和新兴经济体国家的航空公司，甚至是陷入到了发展的困境中。

The king in xinjiang people think,From last year to now,Aviation market do have slowed phenomenon,But overall is good.In the world economy background,Many foreign countries and airlines are faced with a difficult situation.Some of the asia-pacific region and emerging economies airlines,Even in the development of the soup.

　　“印度民航局局长阿吉特·辛格最近说过，印度航空业长期以来都受到资金短缺的压力。印度航空公司已经有较长一段时间无法发出工资，甚至无法付给机场相关的费用。巴西最大的两家航空公司2011年的亏损总额接近6亿美元，而他们的市值从2007年至今合计缩水超过61亿美元”，王疆民称，“而中国航空业基本上保持了平稳，这是目前整个国际航空市场上比较少有的情况。”

"India's civil aviation administration chief ajit singh said recently,India's aviation industry for a long time are subject to the pressure of shortage of funds.Air India has a longer period of time can't send salary,Can't even pay expenses related to the airport.Brazil's two largest airlines in 2011 the total loss of nearly $600 million,And their market value so far from the 2007 total shrink more than 6.1 billion dollars",The king said people in xinjiang,"China aviation industry kept basically stable,This is at present the whole international aviation market is a rare condition."

　　王疆民表示，以前四大航都只占据枢纽城市和主要航线，现在已经开始向二、三线城市发展，在那里能开发到更多潜在的旅客。此外，一些公司也在向国际市场进军，寄希望在国际航线上获得更多的盈利。比如南航通过英国伦敦、澳洲等航线，以广州为枢纽架设起国际航线网。东航与捷星成立捷星香港公司，海航收购法国蓝鹰航空公司的股份、投资成立的加纳AWA航空等。

The king said people in xinjiang,Four big air before only occupy hub city and the main course,Now start to the second/Three line urban development,There could be developed to more potential passenger.In addition,Some companies also to the international market in March,Hope in the international routes to get more profit.Such as China southern through London/Australia and route,With guangzhou as the hub set up international route network.China Eastern airlines and the star established the star Hong Kong companies,Hna to buy a French blue eagle airlines shares/Investment established Ghana AWA aviation, etc.

　　北京航空法学会常务副会长张起淮表示，现在航空公司的盈利与之前有奥运会、世博会的时候不具有可比性。“航企目前都处于健康发展的状态”，张起淮表示，全球经济危机仍在蔓延，相比其他地区航空业受到的影响，国内航企的发展还是稳步的。 新京报记者 赵嘉妮

Beijing aviation law executive vice President lawyer zhang qi huai said,Now the airline's profit and before the Olympic Games/When the world expo not comparable."Air enterprises at present are in the state of healthy development",Lawyer zhang qi huai said,The global financial crisis is still spreading,Compared to other regions the impact on the aviation industry,The development of domestic air enterprises or steadily. The Beijing news reporter ZhaoJiaNi

　　举措 measures

　　淡季来袭机票最低0.7折 Off-season incoming ticket minimum 0.7 fold

　　“十一”过后，航空市场四季度淡季寒潮全面来袭。面对市场需求放缓，各大航空公司纷纷出手推出特价机票吸引客源，以此提振客座率。特别是许多航空公司与网络分销商进行了多种淡季特价机票的促销合作。

"eleven"after,Aviation market four quarter off-season cold wave comprehensive incoming.In the face of the market slowdown in demand,Major airlines have been make moves out special offer tickets to attract tourists,To boost 客座率.Particularly, many airlines and network distributors various off-season special ticket sales promotion cooperation.

　　携程方面表示，包括国航、东航、吉祥、首航、山东航空等在内的航空公司，目前共在携程上投放促销座位28626个，涉及航线167条，涉及城市85个。其中京沪线第一批机票上架三天即已售罄。飞往温暖地带的航线，如重庆至海口、济南至海口等也已售出九成以上。机票最低折扣可达0.7折，如西安飞扬州最低仅需100元。

Ctrip said,Including Air China/China Eastern airlines/auspicious/Maiden voyage/Shandong airlines, airlines,At present were put on ctrip in promotion seat 28626,Article 167 in route,In 85 the city.The first batch of beijing-shanghai railway ticket shelf three days that is already sold out.To warm zone of route,Such as chongqing to haikou/Jinan to haikou and so on also has sold more than ninety percent.The minimum discount ticket can be up to 0.7 fold,Such as xian fly yangzhou minimum only 100 yuan.

　　此外，自10月28日至2013年3月30日，全国民航实行冬春航班计划。大部分航空公司都对航线进行了调整，以适应北方低温及乘客出行需求的变化。国航将新开“重庆-西安-哈尔滨”、“天津-重庆-丽江”、“天津-运城-昆明”、“杭州-南宁”、“杭州-武汉-兰州”、“西昌-成都-上海浦东”航线，且均由波音737等主流机型执飞。

In addition,Since October 28 to March 30, 2013,The national civil aviation flight plan implement in winter.Most airlines have been adjusted to the flight route,To adapt to the northern low temperature and passenger travel demand changes.Air China will open new"Chongqing - xian - Harbin"/"Tianjin - chongqing - lijiang"/"Tianjin - yuncheng - kunming"/"Hangzhou - nanning"/"Hangzhou - wuhan - lanzhou"/"Xichang - chengdu - Shanghai pudong"route,And all by Boeing 737 mainstream fresh model.

　　南航计划新开航线14条，优化航线16条。包括明年年初将开通“广州-布里斯班-凯恩斯”航线，每周执行3班。“广州-墨尔本”也将恢复到每天2班。东航新增“济南-宁波-深圳”航线，每天一班。海航在温暖的南方地区新增“深圳-福州”航班。

China southern airlines plan new open line 14,Optimization route 16.Including early next year will be open"Guangzhou - Brisbane - Keynes"route,Weekly class 3 executive."Guangzhou - Melbourne"Will also return to 2 class every day.China Eastern airlines new"Jinan - ningbo - shenzhen"route,Every one.Hna in warm southern region is new"Shenzhen - fuzhou"flight.

　　讲述 tells

　　“热门航线旺季一票难求” "A popular route season ticket is hard to find"

　　“旺季一票难求，淡季买票的人又少。不像在欧洲，想买票去哪儿随时就可以买到”，作为经常出差的人士，北京航空法学会常务副会长张起淮认为航空淡旺季对其影响很明显。“特别是感觉到目前航空公司的运力不足，应对不了市场日益增加的需求。”

"It is difficult to find a season ticket,Slack season tickets, less.Unlike in Europe,Want to buy a ticket to where you can buy at any time",As people to travel frequently,Beijing aviation law executive vice President mr.zhang qihuai think aviation subject to its influence obviously."Especially feel at present airlines lack of capacity,To deal with the growing market demand."

　　经常乘坐飞机的王女士向记者表示，除了平时出差，暑假寒假都会陪孩子乘飞机出去旅游。但是暑假的票不好太买，特别是热门航线的。“曾经有几次，时间比较理想的航班都没有打折票，需要全价购买。时间不是很理想的航班，折扣也不多。若在暑期或者‘十一’，临时想买一张第二天的热门机票，真的会买不到”，王女士说道。

Often take plane wang told reporters,In addition to travel at ordinary times,Summer winter vacation will be with child by plane travel.But summer ticket is bad too buy,Especially popular routes."There have been several times,Time is the ideal flights are not saver ticket,Need to buy back.Time is not very ideal flight,Discount much.If in the summer or‘eleven’,Temporary want to buy a second day of hot air ticket,Really can't buy",Ms. Wang said.

　　熟悉航企的人士表示，为了控制成本，目前航空公司的运力投放经常是跟着市场需求的变化在调整，还没有达到事先能全面设计好的程度。航企有时发现一些热门线路机票紧张后，会相应增加航班，但还做不到很及时的补充

Familiar with the navigation to say,In order to control the cost,At present the airline's capacity on the is often follow the change of market demand in the adjustment,Haven't reached prior to overall design good degree.Air soldier sometimes find some hot line ticket after nervous,Will the flight be increased accordingly,But still can't do very timely supplement

　　前景 prospect

　　明年盈利能力或提升 Next year profitability or ascend

　　上周，国际航空运输协会称，其针对全球航空公司首席财务官(CFO)和航空货运负责人进行季度调查结果显示，航空运输业的盈利前景逐渐变得乐观。

Last week,The international air transport association says,According to the global aviation company chief financial officer(CFO)And air freight chiefs quarter according to the results of the survey,Aviation transportation industry earnings outlook gradually become optimistic.

　　近一半的受访者预计2013年航空业盈利能力将有所提升。三季度航油成本增加，是由于中东地区局势的不稳定和市场对原油供应库存的担忧。预计未来一年燃油价格不会进一步上涨。

Nearly half of the respondents expected 2013 aviation industry profitability will increase.Third quarter fuel costs,Is due to the Middle East situation instability and market for crude oil supply worries about inventory.Next year is expected to fuel prices will not rise further.

　　此外，受访者预计未来12个月，航空客运市场和货运市场都将出现好转。第三季度航空客运量同比增长近6%，全球货运周转量同比下降2%左右。

In addition,Respondents expected in the next 12 months,Aviation passenger market and freight market will appear better.The third quarter year-on-year increase air passenger nearly 6%,Global freight turnover fell about 2% year-on-year.

　　数据显示，9月份全球航空客运量继续上涨，同比增幅为4.1%，国际航线载客率达到80.9%。全球航空货运量也扭转下滑趋势，出现同比微涨0.6%。

Data display,In September the global aviation passenger capacity continued to rise,4.1% yoy,International routes ZaiKeLv reached 80.9%.The global aviation freight volume also turn to decline,Appear up year-on-year 0.6%.

　　国际航协称，中国、拉丁美洲和中东地区的航空公司9月份增长势头强劲。欧洲航空公司陷入无利润增长的窘境，非洲面临的挑战是如何把增长的机会转化为利润，北美航空公司则面临低增长乃至无增长的环境。中国以外的亚太地区航空公司面临的情况比较复杂，虽然中国保持强劲增长，但亚太地区航空市场整体的增长势头被举步维艰的日本与印度市场削弱。

The international air transport association (iata says,China/Latin America and the Middle East airlines September growth is strong.European airlines into no profit growth dilemma,Africa the challenge is how to growth opportunities into profit,The north American aerospace company is faced with low growth and even no growth environment.The asia-pacific region outside China airlines face the situation is more complex,Although China's strong growth,But the asia-pacific region aviation market of the overall growth was ropey Japan and India market weakened.