Airline Finance News - Europe.Proposal by French President Jacques Chirac to impose a global tax on airline tickets to fund development in the Third World moved forward yesterday as 13 countries including the UK, Norway and Brazil agreed at an international meeting in Paris to impose the tax, Reuters reported. Twenty-five other countries declined to tax air travel but said they will contribute to the new fund, which will be used to fight AIDS and other diseases. Mar 2, 2006 Assn. of European Airlines, AEA AEA Atomic Energy Authority AEA n abbr (BRIT) (= Atomic Energy Authority) → consejo de energía nuclear; (BRIT) (SCOL) (= Advanced Extension Award) → joined its voice to that of IATA IATA International Air Transport Association, which sets the rules for air transport, including those concerning air transport of animals. in opposing the tax, stating that it will cause harm to the very countries it is supposed to help. "The airline industry is a lifeline for developing countries," AEA said. "It provides them with tourist revenues and an outlet to global markets. Any political move which could harm aviation will, inevitably, harm those economies which depend on it." Mar 2, 2006 Aer Lingus Aer Lingus is looking at a summer float for the airlines initial public offering, chief executive Dermot Mannionhas revealed. However, a June or July sale is dependent on what the 85% shareholder the Irish government decide to do about a pension deficit with the carrier. Union oppose a selloff sell·off n. The sale or disposal of a relatively large number of stocks, bonds, or commodities that often causes a sharp decline in prices. Noun 1. , but the airline needs private capital to continue its growth and stability. http://www.aerlingus.com Mar 5, 2006 Aer Lingus reported summary financial results for 2005 yesterday showing that full-year operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from continuing activities decreased 32.3% to [euro]72.4 million ($86 million) from [euro]107 million in 2004 while pre-tax profit soared to [euro]82.6 million from just [euro]1.1 million the year before. Details were not provided. Revenue fell 2.6% to [euro]883 million. The Irish carrier said overall expenses grew by [euro]10.8 million, reflecting a [euro]33.1 million rise in fuel cost, a 39.9% reduction in distribution cost and an 11% cut in its workforce to 3,475. No other figures were reported. The airline is hedged up to 51% of its estimated 2006 fuel requirement. Passenger numbers rose 15.6% to 8 million and load factor was 81%. Mar 2, 2006 Air France Air France faces a one-day strike on March 7 as five umbrella organizations of French labor unions plan to join a national demonstration against a new government policy introduced by Prime Minister Dominique de Villepin aimed at relaxing employment regulations for young workers. The unions involved are CGT CGT Capital Gains Tax CGT Confédération Générale du Travail (French Labor Union) CGT Confederación General del Trabajo (Spanish: Federation of Trade Unions) , CFE-CGDC, CFDT CFDT Confédération Française Démocratique du Travail (French Democratic Confederation of Labour) , FO and Sud aerien. Mar 3, 2006 Air Malta Air Malta reported falling revenues through the first nine months of its fiscal year that shifted its operating result MTL MTL In currencies, this is the abbreviation for the Maltese Lira. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.3 million ($6.4 million) into the red for the period ended Dec. 31. It reported a MTL291,000 operating profit for the corresponding period in 2004. Operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. decreased 3.2% to MTL81.5 million. The number of passengers during the quarter fell 4.6% to 371,000 as capacity increased 2.3%. Intra-European traffic grew by 10,250 passengers but traffic on Maltese routes dipped 2.5%. System load factor dropped 3 points to 64%. Mar 3, 2006 Alitalia Alitalia reported a net loss of [euro]167.6 million ($198.7 million) in 2005, a dramatic 80.5% improvement over the [euro]858 million it lost in 2004. Revenues increased 11.6% to [euro]4.8 billion and passenger numbers rose 7.8% to 23.9 million. Labor costs fell 31% to [euro]982 million as the number of employees as of Dec. 31 dropped 45.7% from the prior year to 11,174, according to press reports. Alitalia's management, unions and the Italian government are continuing to meet this week regarding the carrier's restructuring. The airline said Monday that it could be profitable in 2006 but that it has not yet fully evaluated the effect of January's wildcat strikes. Mar 1, 2006 Cyprus Airways Cyprus Airways narrowed its annual loss by 41.1% in 2005 to CYP CYP In currencies, this is the abbreviation for the Cyprus Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 23.2 million ($47.7 million) from a CYP39.4 million deficit in 2004 as cost reductions outpaced a slight drop in revenues. Turnover dipped 1.9% to CYP201.2 million as it shed one aircraft from its fleet. Expenses fell 4.7% to CYP229.3 million despite a CYP9.7 million rise in fuel costs. The company also earned CYP4.1 million on equipment sales, leaving it with a 2005 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of CYP24.2 million, down 44.1% from a CYP43.3 million loss in 2004. Mar 1, 2006 Iberia Iberia said sales through its website increased nearly 39% in 2005, reaching [euro]288.6 million ($342.6 million). Domestic customers generated more than 73% of online ticket revenue, a jump of more than 33%. Sales from outside Spain rose 57.4%. At present, 31 versions of the website are available to customers in Europe, the Americas and the Middle East. Feb 28, 2006 SAS Group Scandinavian Airlines Pilot unions at SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. Group's Scandinavian Airlines Businesses said Wednesday they will take legal action to undo the March 1 operational transfer of the pilots into the airline units in Sweden and Denmark. Pilots at Norwegian unit SAS Braathens have been employed locally since 2004, the airline said in a statement. According to AFP (1) (AppleTalk Filing Protocol) The file sharing protocol used in an AppleTalk network. In order for non-Apple networks to access data in an AppleShare server, their protocols must translate into the AFP language. See file sharing protocol. , the pilots allege that the action violates labor law labor law, legislation dealing with human beings in their capacity as workers or wage earners. The Industrial Revolution, by introducing the machine and factory production, greatly expanded the class of workers dependent on wages as their source of income. and their collective bargaining agreement The contractual agreement between an employer and a Labor Union that governs wages, hours, and working conditions for employees and which can be enforced against both the employer and the union for failure to comply with its terms. with the airline. They are seeking Sek45 million ($5.7 million) in damages. SAS also transferred the negotiating mandate for the pilots' collective bargaining agreements from the SAS consortium to SAS Scandinavian Airlines Danmark (Denmark) SAS Braathens, Scandinavian Airlines Sverige (Sweden) and Scandinavian Airlines International. In announcing its decision to move forward with the plan last month, SAS said it "evaluated the objections. . .and found that there were no legal barriers" to the action. Mar 2, 2006 |
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