Vietnam Air sees 39% drop in profit Vietnam Airlines has reported a pre-tax profit for 2008, of US$14 million, down 39 per cent from the US$23 million earned a year earlier, according to AFP. GD Pham Ngoc Minh said the carrier "has never faced so many continuous challenges and disadvantages," even though full-year revenue climbed 22.8 per cent to US$1.56 billion. … [Read more...] about Vietnam Air sees 39% drop in profit
Carriers
China to take delivery of 241 aircraft in '09
China to take delivery of 241 aircraft in '09 China is set take delivery of 241 new planes this year, 16 of which are delayed orders from 2008, Dow Jones reported. According to the Civil Aviation Administration of China (CAAC) the new aircraft would increase passenger seat capacity by 16 per cent despite the leases on 43 planes expiring this year. … [Read more...] about China to take delivery of 241 aircraft in '09
BA soon to undertake 'far-reaching' restructuring
British Airways will soon announce far-reaching restructuring measures designed to reduce costs and increase efficiency, the carrier said in its in-house weekly newspaper, BA News. "Only through delivering fundamental change can we achieve the small profit we are targeting this year and emerge from the crisis as a strong global player," CFO Keith Williams said, warning that the shakeup will be "far-reaching, reshaping our company from top to bottom." He said BA's biggest challenge will be, … [Read more...] about BA soon to undertake 'far-reaching' restructuring
Cathay loses US$980 million on hedging gamble
Cathay Pacific Airways has joined many of its counterparts in reporting huge fuel-hedging losses, plunging the previously profitable Asian carrier into an expected record loss for last year, the South China Morning Post reported. The loss on Cathay's fuel-hedging contracts as of the end of last month amounted to around US$980.1 million, deepening from the $361.1 million loss estimated to have been incurred at the end of October, according to the third profit warning filed by the airline in … [Read more...] about Cathay loses US$980 million on hedging gamble
Air France-KLM cargo traffic dives
Air France-KLM suffered a 20.4 per cent drop in cargo traffic in December despite a significant reduction in capacity. In December, the airline cut cargo capacity by 6.2 per cent but only flew 793 revenue tonne kilometres of freight, compared with 996 RTKs a year ago. The cargo load factor declined by 10.6 points to 59.6 per cent. Cargo in the Asia-Pacific region, by far the busiest area, was hardest hit, falling 29.2 per cent from 487 RTKs a year ago to 345 RTKs last month. Cargo traffic in … [Read more...] about Air France-KLM cargo traffic dives
India not likely to OK foreign investment
The Indian government is unlikely to allow foreign airlines to directly buy stakes in local carriers before the upcoming federal elections, Dow Jones reported. Indian carriers, like Kingfisher Airlines and SpiceJet, have urged the government to allow them to sell stakes to raise funds with foreign carriers including British Airways and Virgin Airways having expressed interest in investing in India's growing aviation sector. The finance ministry official's comments follow a recent Economic Times … [Read more...] about India not likely to OK foreign investment
