If every major airline around this region is experiencing a huge drop off in cargo revenue, but still getting some paying pax, then AHK must be hurting! Mind you fuel is now cheap...isn't it?
There has not been that large drop in EXPRESS cargo loads although a drop has occurred but not as much as general freight. Remember AHK business is not GF its that pricey next day delivery stuff.
Office's are still needing to send Express documents and electronics providers are still sending their Laptops (Apple for example) by express to end-users and distributors/resellers.
AHK I guess is a niche market with DHL business doing very well across Asia even in the current economic turmoil. So much so that rumour has it AHK will be getting bigger airplanes this year and more routes.
There is also the fairly reliable rumour that AHK is more profitable than KA.
AHK is probably one of the most secure jobs in the region (Although the Terms & Conditions are due further tweaking.)...however how long that will last is anyones guess.