China Eastern Airlines Corporation Limited (the “Company”; NYSE: CEA; SEHK: 0670; SSE: 600115) announces that the Company’s annual report for the 2009 fiscal year filed with the SEC on June 24, 2010 can be accessed.
The British government has mooted the possibility of changes to the deeply unpopular Air Passenger Duty in an emergency budget. Addressing the House of Commons, chancellor of the exchequer George Osborne suggested the government was willing to “explore changes to the aviation tax system”.
Jet Booking Direct announced today that its business has achieved a 41% uplift in 2010 as corporate and private clients move in increasing numbers from the commercial operators to embrace the reliability, quality of service and ease of use of private jet charter.
Nigeria’s central bank is extending a US$3.3bn bail-out to its struggling aviation industry as a number of carriers have sunk heavily into debt due to aggressive expansion, the rising price of oil, and fierce competion within the domestic market.
Ryanair has defied the aviation slump by posting a 280 percent increase in pre-tax profits to €350m for the full financial year. The budget carrier also said it will pay its first ever dividend, a one-off payment of €500m, with Michael O’Leary set for a €20m windfall.
Shares in Virgin Blue, Australia’s second largest carrier, fell as much as 30 per cent on Friday after it revealed that full-year profits could be as much as 75 percent lower than forecast only weeks ago. It blamed a “rapid deterioration and increased volatility” in trading, with leisure bookings hit particularly hard.
Air France-KLM has reported a record loss of €1.56 billion in what its chief executive described as the airline’s “annus horribilis”. After a year marked by the crash of Flight 447 off the coast of Brazil, Europe’s largest airline blamed the losses on passengers shifting to low-cost carriers and downgrading from business to economy.
BMI expects a major restructuring programme will halve losses this year, and save the airline from imminent break up. The £100m cost savings aim to reverse the fortunes of the Lufthansa-owned carrier, which lost £156m last year. These will include 800 redundancies, cutting 10 aircraft and axing unprofitable routes.
A resurgent Korean economy led by booming technology exports has helped the country’s largest carrier, Korean Air, post record first quarter sales and operating profits. The airline also said it expects to beat its 2010 profit target as the global appetite for technology returns, plus strong growth in transit passenger numbers and plans to boost international routes.
Virgin Blue, Australia’s second largest airline, is to embark on a massive spending spree with the purchase of 105 Boeing 737 aircraft. The order represents the largest for Boeing in the past 18 months, as well as the Virgin Blue’s most significant fleet upgrade in its 10-year history.
The aviation industry has been given its cleanest bill of health yet post downturn, with news from IATA that both passenger and cargo air traffic grew strongly last month. Global demand was up 9.5% for passengers and 26.5% for cargo, compared to February 2009.
Troubles at Aer Lingus have deepened after the former Irish flag carrier warned that operating losses quadrupled to €81 million last year due to a collapse in fares.