Emirates has posted an 86% fall in profits, following rising oil prices and currency devaluations. The Dubai-based carrier recorded a profit of just $62m in the six months to 30 September, compared with $452m in the same period last year.
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Entries by Barry
The Financial Times reports that Virgin Atlantic’s largest pilots’ union — which the airline has yet to recognise — has started to ballot its members about industrial action that could lead to strikes over Christmas. The Professional Pilots Union said anger at the airline’s recent review of pilot benefits was “merely a symptom” of its dissatisfaction […]
The price of oil [has fallen] below $60 a barrel for the first time in more than a year amid fears that the world is facing a supply glut,” and that the drop “has confounded the expectations of experts, who barely two months ago were contemplating the prospect of supply shocks sending oil back to […]
Flybe shares soar on talk of buyout The media’s financial writers continue to focus on the future of Flybe, with many claiming IAG has joined the race to buy the regional carrier. Reports focus on the Exeter-based airline’s share performance over the past few days which has seen sharp increases as buyout speculation continues. IAG […]
Willie Walsh, chief executive of parent company IAG, has hailed a new ‘open skies’ agreement with the US. A number of outlets have reported the pact, which will allow airlines to continue transatlantic flights without interruption after Brexit, when the current US-EU agreement ends. Willie Walsh told the Financial Times: “It’s critical that Britain maintains full access to international aviation […]
Gatwick plans to spend up to £500 million to shift its emergency runway by 12 metres, bringing it into full passenger use and challenging Heathrow. In an interview with The Times, Stewart Wingate, Gatwick chief executive, said that the airport would spend between £400 million and £500 million on the revamp. The move would mean the runway […]
Cobalt has cancelled all flights from midnight on October 17th according to a statement on its website. The carrier, which has operated flights in and out of Cyprus since 2016 – including flying UK holiday-makers to the island – has suspended operations. Local media said Cobalt had failed to reach a deal with a potential new […]
UK media report that the combined £29 million impact from higher fuel costs, a weaker pound and less demand is set to send Flybe spinning to a full-year loss. The airline’s profit warning yesterday immediately sent its shares down by more than a third to a record low. In a trading update, the Exeter-based Flybe said that it expected to […]
Last week Ryanair announced their half year results. The company posted a seven per cent drop year on-year in net profits to €1.3 billion for the half-year to the end of September. The company flew 76.6 million passengers during the half year, up six per cent, and also reported an eight per cent rise in revenues to […]
The rising oil price and the cost of compensating passengers affected by planes being taken out of commission because of faulty engines has cut profits at Norwegian Air Shuttle. However, shares in the airline rose 16 per cent on the Oslo market to NKr211.80 as Norwegian revealed plans for a sale and leaseback joint venture for its […]