Finnair Full Year 2018 Revenue Up 10.4%

Finnair has reported that full year 2018 revenue increased by 10.4% to €2,834.6 million. Available seat kilometres grew by 14.8% and the passenger load factor was 81.8%, down 1.5 points compared to full year 2017. Comparable operating result was €169.4 million compared to €170.4 million in 2017. Operating result was €207.5 million compared to €224.8 million compared to full year 2017. Net cash flow from operating activities was €383.1 million and net cash flow from investing activities was €-194.0 million. Unit revenue decreased by 3.9%. Unit revenue at constant currency decreased by 2.6%.

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Air Canada’s Net Earnings Down in 2018

Air Canada has reported full year 2018 EBITDAR of CA$2.851 billion compared to full year 2017 record EBITDAR of CA$2.928 billion.  Air Canada reported an EBITDAR margin of 15.8%, in line with its projections.  Air Canada reported 2018 operating income of CA$1.174 billion compared to 2017 operating income of CA$1.371 billion.  Adjusted pre-tax income amounted to CA$952 million in 2018 compared to adjusted pre-tax income of CA$1.165 billion in 2017.  On a GAAP basis, the airline reported net income of CA$167 million in 2018 compared to net income of CA$2.029 billion in 2017.  The decrease of CA$1.862 billion in net Read more

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Magnetic MRO Kick Off Bond Trading

Magnetic MRO CFO Astrit Viisma-Kass, CEO Risto Mäeots and Nasdaq Tallinn CEO Kaarel Ots

As of February 14, Magnetic MRO has started its bond trading on the Nasdaq Baltic First North bond market.  Magnetic MRO carried through a private placement of unsecured bonds and raised €8 million (US$9.1million) to support the company’s growth plans, including financing a strategic acquisition. The nominal value of one bond is 100 euros (US$114), coupon rate is 8% per annum and paid out quarterly. The bonds will mature in three years. The bonds were subscribed by 70 investors from Estonia, Latvia and Lithuania.

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U.K.’s flybmi blames ‘Brexit uncertainty’’ as it ceases operations – 1000s stranded

flybmi ©AirTeamImages

East Midlands, U.K.- based low-cost carrier flybmi has filed for administration, citing ‘Brexit uncertainty’ as a principal reason for the company’s demise, along with spiking “fuel and carbon costs.” The airline ceased trading on Saturday, cancelling all flights without warning and leaving thousands of holidaymakers stranded. According to a flybmi spokesperson: “It is with a heavy hear that we have made the unavoidable announcement today. The airline has faced several difficulties, including recent spikes in fuel and carbon costs, the latter arising from the EU’s recent decision to exclude the UK airlines from full participation in the Emissions Trading Scheme. Read more

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Bombardier Commercial Aircraft Report Full Year 2018 Results

In 2018, Bombardier Commercial Aircraft significantly reshaped its portfolio, focusing on the CRJ Series program and its aftermarket business, while also participating in the growth of the A220 through its partnership with Airbus. The C Series Partnership (CSALP) with Airbus closed on July 1, 2018, bringing together two complementary product lines and the benefit of Airbus’ global reach, creating significant value potential for the newly rebranded A220. A definitive agreement was reached with Longview Aircraft Company of Canada Limited for the sale of the Q Series aircraft program assets, including aftermarket operations and assets, for gross proceeds of approximately US$300 million, Read more

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Avolon Posts Annual Net Profit of US$717 million

Avolon, the international aircraft leasing company, has announced results for the 2018 full year. Avolon’s lease revenue for the year was US$2.6 billion; an increase of 10% year on year. The company generated US$2.2 billion of net cash of operating activities in 2018 and delivered US$717 million in profit for the year, an increase of 30%. Avolon has declared and paid shareholder dividend of US$490 million. At year end Avolon had US$16.6 billion future contracted rental cashflows and ended 2018 with US$5.7 billion of available liquidity in unrestricted cash, undrawn revolving credit facilities and undrawn secured and unsecured debt.

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Air Astana records US$5.3 Million Net Profit in 2018

Air Astana has declared net profit for 2018 of US$5.3 million, driven by higher revenues and higher jet fuel costs. Total airline revenue rose by 10% to US$840.8 million. Capacity as measured in ASKs rose by 5% and total passenger numbers by 3%, to 4.3 million. However, transit business via the airline’s Astana and Almaty hubs rose by 48%, and now represents close to 40% of total international traffic. Operating costs rose by 14%, driven mainly by an average jet fuel price increase of 27.5%.

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Swissport to Acquire Heathrow Cargo Handling from Air France

© Swissport Cargo handling

Swissport has agreed to increase its shareholding in Heathrow Cargo Handling (HCH) to 100% from 50%, which it held in a joint venture. Swissport will now fully own this cargo handling company at one of Europe’s busiest air cargo hubs. The HCH joint venture has been providing first class cargo handling services to the world’s leading airlines at Heathrow since 1995. The HCH acquisition enables Swissport to invest further in its air cargo operation and service capabilities at Heathrow airport, where it operates two warehouses with a total surface of some 165,000 ft² (approx. 15,300 m²). Last year, the HCH joint Read more

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IAG caps number of non-EU shareholders to protect European flying rights

© IAG

Under European Union (EU) rules, airlines wishing to have flying rights in Europe must be at least 50% EU-owned. As a consequence, IAG, owner of British Airways, has blocked investors from outside the EU by setting a non-EU investor cap at 47.5%, a threshold which has already been reached. The move follows on from easyJet who increased the cap on non-EU investors in its airline to 49%. IAG, which also owns Iberia, Vueling and Aer Lingus, has confirmed that it does not intend to freeze out UK investors after Brexit, adding that it would inform investors of the change. Laith Read more

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Safran Acquires ElectroMechanical Systems Business from Collins Aerospace

In a move aimed at increasing a critical mass in electrical actuation and flight control business lines, Safran has agreed to buy ElectroMechanical Systems (EMS) from Collins Aerospace. EMS‘ business consists predominantly of actuators and pilot controls for aircraft having previously been a part of Rockwell Collins. Last year EMS generated US$159 million and employs 547 members of staff across its four facilities located in the USA and in Mexicali, Mexico. Through this acquisition, Safran will bolster its market position and create synergies in the electrical actuation and flight control segments to become a major player in pilot controls, while Read more

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