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Airline Finance News - Europe.

For more airline finance news, data and analysis, please go to: http://www.airguideonline.com/professional.htm Aug 7, 2006

European Regions Airline Assn. said member carrier flew 8.4% more RPKs in the March quarter against a 7.3% increase in capacity. Load factor was a first-quarter record 57.9%, up 0.9 point on the year-ago quarter. Aug 1, 2006

Bmi

Bmi mainline and regional pilots represented by the British Airline Pilots' Assn. began voting yesterday on whether to authorize a strike action. Balloting at bmibaby started last week. The result of the former will be released on Aug. 24 and that of the latter on Aug. 16. The union said there are different issues facing pilots at each of the divisions but that they are united against the "imposition" of a 2.4% pay increase. Mainline pilots also are facing a required pension contribution increase to 18.5% from 10% "for exactly the same benefits." BALPA General Secretary Jim McAuslan said, "The heart of these disputes is the total lack of respect shown by the company toward its key people," adding that the fact there was no "meaningful consultation" with the pilots in the decisions was a "disgrace in this day and age." BALPA said more than 70% of bmi's approximately 700 pilots are members. Aug 4, 2006

British Airways

British Airways reported a 20% increase in its first-quarter profits to June but warned of a tougher second half and higher-than-expected staff costs. In spite of pronouncements by rivals (largely one Irish

rival) that the airline would suffer industrial problems during August it looks like the airline will get a clear run for the major holiday period, although it could have put off a few customers. Fuel costs have risen dramatically partly offset by passenger fuel surcharges. The operating profit was [pounds sterling]211m (2005: [pounds sterling]176m profit) and cash flow [pounds sterling]475m, an increase of [pounds sterling]126m from last year. http://www.ba.com Aug 5, 2006

British Airways

British Airways' operating profit for the three months to June 30 was GBP211 million (USD$402 million) compared to GBP176 million (USD$335.2 million) a year ago, and revenue jumped 12.5 percent. BA said its load factor in the first quarter was up 2.7 points to a record 78.3 percent. The airline said costs excluding fuel would be slightly higher due to the impact of pension contributions on its rising wages bill. BA has previously tipped flat costs for the year. Fuel costs would be GBP550 million - GBP600 million (USD$1.05 billion - USD$1.14 million) higher as expected. British Airways and other airlines have partly offset record oil prices with passenger fuel surcharges. Walsh said the airline had no immediate plans to raise fuel surcharges despite rising oil prices. The airline has 65 percent of its fuel needs for the year hedged at USD$62. Aug 4, 2006

British Airways

British Airways tipped full-year revenues to rise 6 to 7 percent, up from its previous guidance of 5 to 6 percent. A recovery in first and business class traffic, new routes to India and China and demand for trans-Atlantic flights have buoyed sales. BA plans to introduce a new business-class seat by the end of the year. The airline's passenger traffic rose 4.4 percent in July and its load factor was 82.3 percent in the month, up slightly from July last year. Aug 4, 2006

British Airways

British Airways's Walsh declined to comment on a joint US-UK investigation into alleged cartel activity over airfares and fuel charges. BA put two senior executives on leave as a result of the inquiry. Aug 4, 2006

CSA Czech Airlines

CSA Czech Airlines flew 2.5 million passengers in the first six months of 2006, an increase of 6% over the year-ago period. The carrier credited increased service to Russia. Aug 2, 2006

Dniproavia

Dniproavia of Ukraine said yesterday it has filed suit against the State Service for Aviation Security Supervision for creating "privileged conditions" for Lufthansa by failing to enforce the 1999 bilateral between Ukraine and Germany. It said German authorities prohibited it from operating Dnipropetrovsk-Frankfurt service in March based upon "deceptive allegations" from LH and Ukrainian aviation authorities did nothing to respond. Aug 2, 2006

Iberia

Iberia flew 13.42 billion RPKs during the second quarter, up 12.4%, and 16.81 billion ASKs, up 6.1%. Load factor climbed 4.5 points to 79.8% and passenger revenues increased 16.7% to [euro]1.04 billion on a 3.8% rise in yield to 7.73 cents. Operating RASK grew 8.2% to 8.29 cents while unit costs were up 9.7% to 7.99 cents, or 1.4% to 6.19 cents excluding fuel. Aug 3, 2006

Iberia

Iberia's econd-quarter turnover rose 19.2% to [euro]1.45 billion, which the airline attributed to "strong" yield increases and higher load factors on international flights, against a 21% increase in costs to [euro]1.4 billion driven by fuel and maintenance costs. Operating profit dropped 18.8% to [euro]48.9 million. IB said its 17.3% decline in EBIT to [euro]49.3 million was due to the application of IAS 39 international accounting standards and that the figure otherwise would have improved 40% to [euro]83.4 million. Fuel costs increased 62.2% to [euro]116 million, including [euro]10 million in hedging gains. Aug 3, 2006

Iberia

Rising costs mean lower profits at Iberia. Revenues, traffic, yields and load factor all rose at Iberia in the second quarter but not as fast as costs, which outstripped the carrier's operational progress and reduced its three-month profit to [euro]35.7 million ($45.6 million), down 21.2% from earnings of [euro]45.3 million in the year-ago quarter.The first half ended with a [euro]9.2 million loss compared to a [euro]29.2 million profit in the first half of 2005. Aug 3, 2006

Iberia

Iberia's efforts to return its Barcelona operations to normal following Friday's action by ground workers included the transfer of more than 100 employees from other airports, two additional aircraft and the placement of extra staff on all shifts until Wednesday, it said yesterday, adding that the airport "is now operating normally" although the carrier is still working on shipping baggage. "Iberia is to launch an internal probe to ascertain responsibility for the wildcat strike on Friday which took place with no advance warning, and led to the invasion of the landing field of Barcelona's airport, as well as damage to equipment," it said. Aug 1, 2006

Iberia

Iberia canceled all flights to and from Barcelona International on Friday and Saturday morning after some 2,000 ground workers blocked one of the airport's three runways. The action reportedly was in protest of the airline's loss of a ground-handling license at BCN. It still holds 21 of 27 licenses at the airport, according to AFX News, but earlier last week AENA awarded a concession to a Spanish construction and services company and to subsidiaries of Spanair and Air Europa. IB suffered a three-day pilots strike earlier this month over its plans to launch a Barcelona based LCC. Jul 31, 2006

Lufthansa

Lufthansa declines to combat rising foreign ownership. Lufthansa said yesterday that it has no plans to exercise its right to buy back shares as foreign control of the German flag carrier exceeded 40% for the first time. Under European law, a company would forfeit its operating license and rights to fly to destinations outside Europe if foreign shareholders hold the majority of its capital, Lufthansa said. Aug 4, 2006

Lufthansa

Lufthansa partially owned subsidiary Thomas Cook AG sold subsidiaries Thomas Cook Overseas and Thomas Cook Lebanon to Dubai Financial, a Dubai Investment Group subsidiary. Aug 4, 2006

Lufthansa Technik

Lufthansa Technik saw its six-month operating profit fall 19.6% to [euro]111 million, Lufthansa Logistics more than doubled its operating result to [euro]47 million, Thomas Cook AG narrowed its loss to [euro]200 million and LH Systems' operating profit declined 16.7% to [euro]20 million. Jul 31, 2006

Republic Airways

Republic Airways Holdings, parent of Republic Airlines, Chautauqua Airlines and Shuttle America, enjoyed a 51.2% surge in net income during the second quarter to $20.3 million compared to a profit of $13.4 million in the year-ago quarter. The company said significant capacity increases helped drive a 33.3% gain in revenue to $284.3 million. Expenses rose 30% to $231.8 million and operating profit jumped 50.3% to $52.6 million. Since June 30, 2005, Republic has placed 48 Embraer 170s into service and removed seven ERJ-145s and 10 Saab turboprops. It took delivery of four 170s during the second quarter for Delta Air Lines. Aug 3, 2006

TAP Portugal

TAP Portugal flew 1.4 billion RPKs in June, a 17% increase over the year-ago month. Passenger numbers rose 9% to 586,015. The airline did not provide capacity or load factor. Jul 31, 2006
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Publication:Airguide Online
Geographic Code:4EUUK
Date:Aug 7, 2006
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