Dec 3, 2007
Air India board this week signed off on a loss of INR4.48 billion ($112.5 million) for the fiscal year ended March 31, a result reversed from a INR149.4 million profit in the prior year, according to widespread press reports from India. Revenue climbed 2.8% year-over-year to INR95.9 billion and the carrier struggled to fend off low-fare competition as its fuel bill rose a reported INR3.86 billion, or nearly 13%, and it was forced to pay INR4.25 billion in wage arrears. Dow Jones reported that Indian Airlines, which has merged with Air India under the National Aviation Co. of India Ltd. banner, reported a fiscal-year loss of INR2.75 billion following three straight years of profit, including a INR495 million surplus in 2005-06. Nov 28, 2007
AirAsia's MYR180 million ($53.6 million) profit in its first fiscal quarter ended Sept. 30 represented a huge improvement over the MYR70 million reported in the year-ago period and, according to CEO Tony Fernandes, "shows the maturity of our marketing strategy whereby we are able to turn the traditionally weakest quarter and deliver strong results." Despite a "very difficult economic environment," the company enjoyed a 39% year-over-year increase in revenue to MYR461.6 million and a 10% gain in average ticket price. Ancillary revenue rose 54% to MYR36.8 million. "Our new routes have performed beyond expectations," Fernandes said, citing the daily Kuala Lumpur-Shenzhen service launched last summer as the "best ever in the airline's history." Operating profit jumped to MYR145.7 million from MYR52.8 million and EBIT more than tripled to MYR82 million from MYR23.7 million. Nov 28, 2007
AirAsia transported 2.4 million passengers during the quarter, up 25%, and traffic measured in RPKs grew 26% year-over-year to 2.71 billion. Capacity was up 34% to 3.65 billion ASKs as eight new routes were introduced, but the airline claimed that load factor was steady at 79.3% without explaining the incongruity. AirAsia load factor fell 5 points to 74.3%. Unit revenue rose 10% to 3.65 US cents while CASK was down 3% to 3 cents owing to fuel hedge benefits. Unit cost excluding fuel was flat at 2.24 cents. Nov 28, 2007
China Eastern Airlines
China Eastern Airlines is targeting a shareholders meeting on Jan. 8 to secure approval for the sale of a 24% stake to Singapore Airlines and parent Temasek and soon will launch a road show to gather support for the deal in Beijing, Shanghai, Shenzhen...