Singapore Airlines (SIA) said its January-March profit plunged 92 per cent as the global economic slowdown depressed passenger and cargo movements. The carrier's net profit for its fiscal fourth quarter was S$41.9 million (US$28.7 million), down from S$528 million a year earlier, it said in a statement. That took the net profit for the whole year to S$1.06 billion, down 48 per cent from the previous year. The company's cargo division, SIA Cargo, booked a loss of S$245 million, reflecting the … [Read more...] about Singapore Airlines sees profits plunge 92%
Carriers
JAL posts US$651.2 million full-year loss
Japan Airlines has reported a net loss of Â¥63.1 billion (US$651.2 million) for the 2009 fiscal year ended 31 March, reversing a net profit of Â¥16.9 billion a year earlier. JAL recorded a 12.5 per cent decline in group revenue to Â¥1.95 trillion, while international cargo revenue slumped 23 per cent to Â¥152.1 billion. The company is forecasting further decreases in revenue of Â¥203.1 billion in the current year but hopes to offset that with a Â¥195 billion reduction in operating … [Read more...] about JAL posts US$651.2 million full-year loss
Air Canada liquidity is of prime concern: CEO
Air Canada posts C$400 million loss, seeks 'immediate' pension relief Air Canada reported a first-quarter net loss of C$400 million (US$342 million), nearly 40 per cent greater than the C$288 million loss a year earlier. Air Canada’s new president and CEO Calin Rovinescu said the carrier is urgently seeking relief from its pension funding obligations. Rovinescu told shareholders at the company's AGM in Montreal, that the carrier has a "pressing need to achieve an alternate pension … [Read more...] about Air Canada liquidity is of prime concern: CEO
China Eastern looks to another hand-out from Beijing
China Eastern Airlines (CEA) is expected to receive a further CNY2 billion (US$294 million) capital injection from the Chinese government to help the struggling carrier survive. This follows an earlier CNY7 billion hand-out from Beijing at the end of 2008 but did little to relieve its debt burden of CNY83.7 billion as of 31 March which amounted to a debt ratio of 115 per cent. Industry pundits have speculated the bailout money is meant to pave the way for the long-talked about merger with … [Read more...] about China Eastern looks to another hand-out from Beijing
Cargo B takes delivery of second B747-400F
Belgian-based cargo airline, Cargo B has recently taken delivery of its second, new Boeing 747-400 freighter. Like its first new build B747-400 freighter delivered in December, the new aircraft is also leased from the airline's strategic partner, Nippon Cargo Airlines, and will start operations from Brussels on 17 May. According to Niek Van Der Weide, Cargo B executive vice president of commercial, the carrier can now serve its African markets with three weekly flights to Kinshasa, Libreville, … [Read more...] about Cargo B takes delivery of second B747-400F
RJ and MK team up for Middle East cargo
Royal Jordanian and UK-based MK Airlines have agreed to cooperate in developing air freight services in the Middle East region, in particular through Jordan the Levant region (the northern portion of the Arabian Peninsula roughly comprising Israel, Jordan, Lebanon, Palestinian Territories, and Syria). The memorandum of understanding sets out the intention of the two carriers to cooperate to improve fleet utilisation by complementing each other's route networks, air freight handling equipment and … [Read more...] about RJ and MK team up for Middle East cargo