The Cathay Pacific Group reported a profit of HK$812 million (US$104.8 million) for the first six months of 2009, compared to a loss of HK$760 million in the first half of 2008, thanks primarily to a HK$2.1 billion fuel hedging gain. Overall the group – which includes its Dragonair subsidiary – has been hit by a deep and sustained downturn in its key markets, with sharply reduced passenger and cargo revenues resulting in a 27.1 per cent drop in turnover to HK$30,921 … [Read more...] about HONG KONG: Cathay posts H1 profit
profit
UPS sees 1Q profit plummet 56%
United Parcel Service has reported a 56 per cent drop in first-quarter earnings to US$718 million from $1.49 billion in the year-ago quarter and warned the second quarter will also be difficult. Revenue was off 13.7 per cent at $10.9 billion with the continuing deterioration in global economic activity resulting in decreased revenue and profitability in all business segments, according to UPS. The company added that it took an impairment charge on its entire fleet of 44 DC-8 aircraft for a … [Read more...] about UPS sees 1Q profit plummet 56%
Turkish sees fourfold rise in 2008 profit
Turkish Airlines has reported a net profit of US$874 million in 2008, nearly a fourfold increase over the $224 million reported in 2007, on the back of rising traffic. The carrier also said it is in talks with both Airbus and Boeing regarding the purchase of 25 long-haul aircraft plus 10 options and 50 narrow body aircraft plus 20 options. Last month it placed an order for five 777-300ERs for delivery from October 2010 to February 2011. Turkish Airline's revenue for the year climbed 26 per cent … [Read more...] about Turkish sees fourfold rise in 2008 profit
Ethiopian defies crisis with growing cargo and pax
Ethiopian Airlines reported a ETB515 million (US$45.8 million) profit in its fiscal first half ended 31 December, up 9 per cent year-on-year, on a 54.8 per cent jump in operating revenue of ETB6.7 billion. Freight volume doubled to 49,895 tonnes during the first half, year-on-year while passenger numbers grew 19 per cent to 1.5 million. The carrier also purchased two MD-11 freighters and eight Q400s during the period and signed a lease for one B757. … [Read more...] about Ethiopian defies crisis with growing cargo and pax
Lufthansa Cargo sees profits rise 20%
Lufthansa, Europe's second largest airline, reported a rise in cargo earnings of more than 20 per cent in 2008 from a year earlier, but warned of declining revenue and profit in 2009 as freight volumes continue to collapse amid the ongoing global recession. Lufthansa Cargo's operating profit rose 20.6 per cent to €164 million year-on-year as revenue gained 6.3 per cent to € 2.9 billion. The cargo division's results come in the face of a severe industry downturn which saw a six per … [Read more...] about Lufthansa Cargo sees profits rise 20%
China Eastern: breakeven 2010, profit 2011
China Eastern Airlines is targeting a breakeven 2010 and a profitable 2011, newly appointed Chiarman Liu Shaoyong said this week, adding that the carrier is open to consolidation and a potential merger with Shanghai Airlines. The carrier hopes to offset the impact of heavy losses for 2008 by selling off its stakes in certain units and cutting orders for new planes, the Wall Street Journal reported. Liu Shaoyang, the company chairman, admitted that the chances of turning a profit this year are … [Read more...] about China Eastern: breakeven 2010, profit 2011
