Korean Air reported a full-year 2008 net loss of KRW1.96 trillion (US$1.4 billion), reversed from a net profit of KRW11.1 billion in 2007, citing the weak won as the biggest contributor to the heavy decline. It also said yesterday that it is boosting its A380 order from eight aircraft to 10 and will initiate "more aggressive investment" this year with the aim of achieving a "black ink balance" in 2009 while building "a foundation for future growth." It said it will focus on "increasing overseas … [Read more...] about Korean Air reports net loss
Air Cargo Asia
S7 cancels Dreamliners
Russian airline S7 has cancelled a contract to buy 15 Boeing 787 Dreamliners for delivery in 2014 and will seek to lease the planes instead. "S7 retains interest in using the Dreamliner and wants to take the planes under a leasing scheme at an earlier date, for which it is in negotiations with several leasing companies," the airline said. … [Read more...] about S7 cancels Dreamliners
Lufthansa projects rise in ’08 profit
Lufthansa yesterday raised its full-year operating profit projection to €1.3 billion from the previous €1.1 billion. The carrier reported a €1.38 billion operating profit in 2007. Lufthansa said the increase in its forecast is "substantially attributable to a more stable result development in the fourth quarter than was previously expected." It cited falling fuel prices and "favorable valuation effects" without elaborating. … [Read more...] about Lufthansa projects rise in ’08 profit
UPS reports full-year ’08 profit
UPS reported full-year 2008 net income of US$3 billion, widened significantly from a US$447 million profit in 2007 when its results were skewed by a one-time US$6.1 billion pension payment. But it said it must make "tough decisions" to cope with a "severe decline in economic activity around the world." This was more clearly indicated by its 2008 income which was down 28.6 per cent compared to US$4.2 billion in 2006. … [Read more...] about UPS reports full-year ’08 profit
Paramount Air to launch d2d cargo service
Paramount Air to launch d2d cargo service Chennai-based Paramount Airways is planning to launch a door-to-door cargo service under its own brand. "We are going to launch an all emcompassing cargo division. It will be for door-to-door cargo service and will be introduced under the brand name 'Paramount'," Chairman of the airline M Thiagarajan told PTI. The airline currently transports about 100 tonnes per day of cargo and capacity will be expanded to about 300 tonnes a day by the end of the next … [Read more...] about Paramount Air to launch d2d cargo service
NCA returns to NY
Nippon Cargo Airlines is returning to New York's JFK airport, making it the only airline to provide direct freighter service between New York and Tokyo. The service was suspended in August due to skyrocketing fuel prices and limited capacity. Customer demand has increased recently, said the airline. Despite lower fuel prices, however, "the international air cargo market remains extremely harsh," NCA said in a statement. … [Read more...] about NCA returns to NY
