Asian carriers are finding that hedging isn't a panacea as they fight the remorseless rise in fuel prices. Their profits under siege, they are exploring downsizing and eliminating profitless routes to cut costs. In 2004, jet fuel accounted for 20% of operating costs for the 18-member Assn. of Asia Pacific Airlines (AAPA). It's up to more than 30% this year with a collective bill that rose from $12 billion to $20 billion. "Everyone is suffering from high oil prices, even the best-managed ...

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