Finance – Page 33
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News
Pilots strike hits ATSG revenues
A fall in revenues due to a pilots' strike has seen US-based freighter lessor Air Transport Services Group (ATSG) advise that its adjusted ebitda* from continuing operations for the fourth quarter and full year 2016 will be around $7m lower than in its prior guidance.Said ATSG: “This reduction in guidance ...
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Etihad: not looking to take a stake in Lufthansa - official statement
Etihad has denied press speculation that it is looking to take a stake of between 30%-40% in German carrier Lufthansa.An Etihad Airways spokesman told Air Cargo News: "We can confirm that we are not looking to take a financial stake in Lufthansa.”This official quashing of rumours, which started in the ...
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Etihad to cut jobs and review its European airline investments says Reuters
Middle East Gulf carrier Etihad Airways has announced a range of job cuts and "controlled restructuring" amid speculation that its investment strategy in European airlines looks set for review.Reuters news agency, quoting "company and industry sources", reported that Abu Dhabi-based Etihad is "seeking an exit" from the investments.In tandem with ...
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EQT Infrastructure completes CHEP acquisition
Swedish equity group EQT has completed its acquisition of CHEP Aerospace Solutions, the unit load device (ULD) management company.Switzerland-headquartered CHEP was sold to EQT by its Australia-based parent company Brambles, which established the enterprise in 2011 from the acquisition and integration of four leading ULD solutions companies.EQT Infrastructure II, an ...
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Aeroflot reports healthy nine-month figures
Russian flag-carrier Aeroflot group revenues increased by 23.2% year on year in the first nine months of 2016, while cargo revenue rose by 27.1% to 8.2bn roubles ($129.2m) as cargo and mail volumes rose by 24.1%.Shamil Kurmashov, PJSC Aeroflot deputy chief executive for commerce and finance, commented: “Our results for ...
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Intrepid orders B747-8Fs for long-term lease
Intrepid Aviation has switched an order for Boeing 777-300 aircraft to B747-800 freighters for lease on a long-term basis.The aircraft lessor said that it would switch two of six B777-300ER aircraft it has on order to two B747-8F aircraft to be delivered in 2017 and subject to long-term lease with ...
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NewsDP DHL: More work to be done on airfreight despite volume improvement
Deutsche Post DHL (DP DHL) has said there is more work to be done for its airfreight business despite the segment recording its first improvement in demand since the first quarter of last year.Speaking on an investor call shortly after the company’s third quarter results were announced, DP DHL chief ...
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ATSG Q3 revenues up but profits slide
ATSG saw profitability decrease in the third quarter of the year despite a boost in revenues as its Amazon deal affected the business.In the third quarter of the year, the Wilmington-based aircraft lessor saw net earnings from continued operations decrease to $2.1m from $6.3m a year earlier.The company said that ...
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SIA Cargo operating loss widens in the financial year's first half
Singapore’s SIA Cargo saw its operating loss widened by S$33m from S$12m to S$45m in the first half of the Asian carrier’s 2016-17 financial year.Freight carriage grew 7.3%, outpacing the capacity increase of 5.7%, resulting in an increase in cargo load factor by 0.9 percentage point to 61.6% for the ...
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Airlines group BARIG wants Frankfurt charges to be cut
Frankfurt-based airlines are calling for a reduction in airport charges for all airlines after low cost carrier Ryanair announced that it would start flying into Germany’s largest hub next summer.The Board of Airline Representatives in Germany (BARIG) wants “the fully equal treatment for all airlines at Frankfurt – newcomers and ...
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NewsLufthansa's cargo business is in the red again
Lufthansa’s cargo and logistics division has slipped to its sixth quarterly operating loss in a row as market overcapacity and weak demand continued to blight financial performance.The German airline group’s logistics division, which includes Lufthansa Cargo, time:matters and other cargo related businesses, recorded a third quarter earnings before interest and ...
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E-commerce spurs Aramex growth
Middle East based logistics company Aramex saw revenues up 15% in the third quarter of 2016 to AED1.05bn but net profit was down 3% at AED72.2m compared with like period last year.However, for the first nine months of the year, net profit was up 16% to AED294.8m while revenue was ...
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IAG Cargo Q3 volumes up but revenues and yields down
IAG Cargo saw third quarter 2016 commercial revenues fall by 7% to €240m compared with the like period 2015.Adjusting the prior year's figures to reflect a directly comparable operation, commercial revenue decreased 6.5% versus last year at constant exchange.The airfreight arm of British Airways, Iberia, Vueling and Aer Lingus saw ...
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UPS shrugs off international airfreight woes and pension payments
UPS has revealed a 3.6% increase in third-quarter earnings at $1.44 per share, compared with the same period last year. International operating profit increased 14% to $576m, the seventh consecutive quarter of double-digit growth, said the express logistics company.Total reported revenue was $14.9bn, up 4.9% over the same quarter last ...
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Partial commitment on UK airport capacity does not reassure global investors says KPMG
Additional regulatory delay around Heathrow's third runway approval by the UK government sends out an "indecisive message to business and global investors" according to financial advisers KPMG.James Stamp, global head of aviation at KPMG, said: “Now, more than ever, UK plc needs to demonstrate both its ability and willingness to ...
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IAG on third runway: Heathrow customer charges must be capped
British Airways and Iberia parent International Airlines Group (IAG) has warned that the cost of the third runway project at Heathrow will" make or break it".While welcoming the decision to expand Heathrow, IAG added that it was pleased that the UK government "has recognised the cost to customers must not ...
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K+N: Third quarter airfreight market "remained tense"
Kuehne + Nagel (K+N) reported that the global airfreight market "remained tense" in the third quarter and added that pressure on margins continued due to "shrinking demand and further capacity increases".Against this trend, the Switzerland-based global logistics giant grew its air cargo tonnage by 3.8% and gross profit per 100 ...
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NewsDelta Air Lines records declines in third quarter cargo revenues and demand
Delta Air Lines reported yet more declines in its cargo revenues and volumes during the third quarter of the year.The US airline suffered a 14.8% year on year decline in third quarter cargo revenues to $167m while traffic was down 9.5% during the period to 504m cargo ton miles.Delta does ...
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Broker ACS signs capital partner to accelerate growth plans
Investment house Alcuin Capital Partners has taken a minority stake in Air Charter Service (ACS), the first external investor in the UK airfreight broker which is looking to accelerate its growth through acquisitions. "The investment will see Alcuin purchase a minority stake in the business and provide a platform for ...
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Cathay Pacific launches group business review
Cathay Pacific has launched a “critical review” of its business, blaming “overcapacity and strong competition” in the passenger sector for a “deteriorated” outlook.In a trading statement, which did not mention cargo, the Hong Kong-based carrier said that its earlier 2016 interim report had indicated that "the operating environment in the ...