High fuel costs clip airline profits

August 31, 2017 by  
Filed under Aviation, News, North Asia

SHANGHAI, 31 August 2017: Asia’s biggest carrier China Southern Airlines said higher jet fuel costs clipped its profit in the first half, while China Eastern earnings rose but only with the help of a one-off asset sale.

Net profit at state-owned China Southern dropped 11.1% year-on-year to 2.77 billion yuan (USD420 million) in January-June, the carrier said late Tuesday in a statement to the Hong Kong stock exchange, where it is listed.

Its bottom line was hit by a more than 30% rise in operating expenses due to higher jet fuel costs, which offset revenue gains, the Guangzhou-based airline said. Read more

Qantas flags ultra long-haul flights

August 28, 2017 by  
Filed under Aviation, News, PACIFIC

SYDNEY, 28 August 2017: Australia’s Qantas unveiled plans for the world’s longest non-stop commercial flight, last Friday, calling it the “last frontier of global aviation”, as it posted healthy annual net profits on the back of a strong domestic market.

The firm, which hopes to fly non-stop from Australia to London and New York by 2022, announced a 17.2% slip in annual net profit to AUD852 million (USD673 million) after record results last year.

The airline’s underlying profit before tax — its preferred measure — was the second-highest in its history at AUD1.4 billion for the year to June 30, matching forecasts. Read more

ANA profits rise

August 3, 2017 by  
Filed under Aviation, News, North Asia

TOKYO, 3 August 2017: The parent company of Japanese carrier All Nippon Airways (ANA) said, Wednesday, its quarterly net profit skyrocketed after it raised its stake in a budget carrier, confirming it is on course for a new record full-year profit.

ANA Holdings has soared in recent years, booking an all-time high net profit for the last fiscal year on gains in its international business.

It said Wednesday that net profit came to 51.1 billion yen (USD462 million) for April to June, up from 6.6 billion yen from a year earlier. Read more

Qatar Airways profits climb

June 12, 2017 by  
Filed under Aviation, Middle east, News

DOHA, 12 July 2017: Qatar Airways said Sunday its net profits rose by almost 22% in the last financial year that ended in March, before the diplomatic fallout with its Gulf neighbours.

The results cover the period from 1 April, 2016 to 31 March, 2017, well before Saudi Arabia and several of its allies cut ties with Qatar and severed air links with Doha nearly a week ago.

“Our annual results once again reflect the success of our expansion and growth strategy,” Qatar Airways chief executive Akbar Al-Baker said in a statement. Read more

TUI bets on summer boost

May 15, 2017 by  
Filed under EUROPE, News, tour operators

FRANKFURT, 16 May 2017: German travel group TUI on Monday confirmed its sunny forecast for the full year, betting on strong summer business to outweigh a net loss in the “challenging” first half.

TUI is in the midst of a transformation into a package holiday provider, focussing on its own hotels and cruises after taking over British subsidiary TUI Travel in 2014.

TUI, which runs its business year from October to September, booked a net loss of 363 million euros (USD397 million) for the six months to March. Read more

Boeing: Profits rise deliveries fall

May 2, 2017 by  
Filed under Aviation, News

NEW YORK, 2 May 2017: Aerospace giant Boeing reported last week declining costs boosted earnings for the latest quarter, but revenues missed analyst expectations as commercial plane deliveries fell.

Net income for the quarter ending 31 March rose 19% to USD1.5 billion.

But revenues fell 7.3% to USD21 billion, below the USD21.3 billion expected by Wall Street analysts. It was only the second time in 21 quarters the company underperformed in terms of revenues. Read more

Bangkok Air expands codeshares

February 28, 2017 by  
Filed under Aviation, News, Thailand

BANGKOK, 28 February 2017: Bangkok Airways will sign codeshare agreements with another four Asian carriers, this year, following a recent accord with China’s Xiamen Airlines.

Adding more codeshare agreements was highlighted in the airline’s ‘business outlook and direction’ section of the airline’s financial report for 2016 that was made public mid-February.

Codeshare agreements play an integral part in the airline’s long-term marketing strategy to the extent the airline has accumulated partnerships with 22 airlines worldwide that feed considerable traffic to the PG network across Asia. Read more

British Airways lifts profits

February 27, 2017 by  
Filed under EUROPE, News

LONDON, 27 February 2017: IAG, parent group of British Airways and Spanish carrier Iberia, grew profits in 2016 as lower fuel costs helped to offset the impact of a weaker pound, results showed Friday.

Net profit rose almost a third to 1.93 billion euros (USD2.0 billion) compared with 2015, IAG said in an earnings statement.

Lower oil prices resulted in the company’s jet fuel costs falling by 20% last year. Read more

Low fares hurt Qantas

February 24, 2017 by  
Filed under Aviation, News, PACIFIC

SYDNEY, 24 February 2017: Australian carrier Qantas Airways posted Thursday a 7.5% hit to first-half earnings, impacted by lower fares, greater competition and empty seats.

Underlying profit before tax fell to AUD852 million (USD656 million) for the six months ending 31 December, but just beat the airline’s own guidance.

This compares to AUD921 million in the same period of 2015. Read more

Air NZ sees profit topple

February 24, 2017 by  
Filed under Aviation, News, PACIFIC

WELLINGTON, 24 February 2017: Air New Zealand reported a 24% fall in interim net profit, Thursday, amid increased competition in the domestic aviation market.

New Zealand’s flag carrier said net profit for the six months to 31 December was NZD256 million (USD184 million), compared to a record NZD338 million for the corresponding period a year previously.

“The last six months saw unprecedented levels of international carriers adding new services to New Zealand,” it said. Read more

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