Airline Finance News - Africa / Middle East.

Aug 20, 2007

Air Algerie

Air Algerie CEO Tayeb Benouis died last week in Paris after a long illness, the airline confirmed. He was 59. He had been CEO since 2001. Aug 14, 2007

El Al Israel Airlines

El Al Israel Airlines operating expenses dropped by about 2.5 percent from last year's quarter due mainly to an improvement in passenger load factors, which rose to 86.5 percent in the second quarter from 80.5 percent a year ago. El Al's fuel expenses grew to about USD$120.1 million from USD$116.6 million in the comparative quarter last year, even after receiving hedging returns this quarter, which totaled about USD$2.7 million. Aug 17, 2007

El Al Israel Airlines

El Al Israel Airlines said expenses also declined due to an efficiency program. Salary expenses dropped in the second quarter compared to last year mainly due to a reduction in the number of employees in Israel and abroad. Aug 17, 2007

El Al Israel Airlines

El Al Israel Airlines swung to a net profit in the second quarter as higher revenues and lower operating expenses offset an increase in fuel costs. Net profit in the second quarter at Israel's flag carrier was USD$12.6 million, compared with a year-earlier net loss of USD$10.4 million. Revenues rose 6 percent to USD$453 million from USD$429 million a year earlier reflecting a growth in passenger revenues, the airline said. Aug 17, 2007

Ethiopian Airlines

Ethiopian Air CEO Eyes China, India Growth Ethiopian Airlines hopes to tap surging growth in China and India by launching new flights aimed at making Addis Ababa its gateway to Africa, Chief Executive Girma Wake said. Aug 17, 2007

Ethiopian Airlines

Ethiopian Airlines hopes to tap surging growth in China and India by launching new flights aimed at making Addis Ababa its gateway to Africa, Chief Executive Girma Wake said. Ethiopian Airlines is one of a trio of African carriers along with South African Airways and Kenya Airways spearheading change in Africa's growing airline industry with modern planes and solid safety records. Ethiopian was considering raising its number of weekly flights to China to 14 from 11. Chief Executive Girma Wake said.a, 64, predicted Africa's airlines would increasingly look to the Far East, rather than Europe and the United States, as engines for future growth. Aug 17, 2007

Ethiopian Airlines

Ethiopian Airlines operates 10 flights a week to New Delhi and Mumbai. The state-owned carrier, which flies to 28 destinations in Africa, forecast last week a 106 percent rise in 2007/08 pretax profits to 448 million birr (USD$49.3 million). Revenues and profits are rising despite stiff competition from wealthy, Gulf-based carriers such as Emirates which are expanding aggressively in the region and even drawing pilots away from Africa airlines. Several other airlines have started flying to Ethiopia, including British Airways, KLM and Turkish Airlines. Aug 17, 2007

Rwandair Express, Brussels Airlines, Meridiana Africa Airlines

Rwanda government selected Brussels Airlines and Meridiana Africa Airlines for the privatization of Rwandair Express, l'Echo reported, citing Rwandair President Manzi Kayihura as saying that the company with the best strategy would win the tender rather than the one with the highest bid. Rwandair is seeking to place 40% of its capital with an industrial investor and 40% with private investors, leaving the state with 20%. The airline currently operates one 37-seat DHC-8 Dash 8 and one 142-seat MD-82. Aug 14, 2007

ZZ

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