Ryanair posts first quarter net loss of €273 million

©Ryanair

COVID-19 continued to wreak havoc on Ryanair’s business during the first quarter of 2021, with most Easter flights cancelled and a slower-than-expected easing of EU Government travel restrictions into May and June. Significant uncertainty around travel green lists (particularly in the U.K.) and extreme Government caution in Ireland meant that first-quarter bookings were close-in [DD1] and at low fares.  The July 1 rollout of EU Digital COVID Certificates (DCCs) and the scrapping of quarantine for vaccinated arrivals to the U.K. from mid-July has seen a surge in bookings over recent weeks.  Pricing remains below pre COVID-19 levels. First-quarter scheduled revenue increased 91% Read more

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American Airlines reports record liquidity in second-quarter 2021 results

©American Airlines

American Airlines (American) has released its financial results for the second quarter of 2021 in which it has posted a net profit of US$19 million. However, excluding net special items, the net loss for the quarter was -US$1.1 billion on a second-quarter revenue of US$7.5 billion, an 87% increase on the year’s first quarter. The Company recognized US$1.4 billion of net special credits before the effect of taxes in the second quarter of 2021 principally related to the financial assistance received pursuant to Payroll Support Program Agreements. American ended the second quarter with approximately US$21.3 billion of total available liquidity, Read more

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BAA Training secures €31 million financing for global expansion

©BAA Training

BAA Training has announced it will be getting financing for its global expansion provided by U.K. Export Finance (UKEF) and U.S. Apple Bank for Savings. Two companies belonging to Avia Solutions Group (ASG) – BAA Training and ASG Asset Management – were involved in signing the agreements with the financial institutions. The deal, worth €31 million (US$36.5 million), is one of the most significant agreements for the Lithuania-based company throughout its existence. It will facilitate the acquisition of ten new simulators used for aviation training manufactured by L3Harris Technologies, two Boeing 737 MAX full-flight simulators (FFSs) and eight fixed-base training Read more

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Platinum Equity to acquire global aerospace supply chain services provider Unical Aviation

Platinum Equity has signed a definitive agreement to acquire Unical Aviation Inc. and certain of the company’s affiliates (Unical), a leading provider of aircraft parts and components to the global commercial aerospace market, from affiliates of the company’s founders. The acquisition includes Unical Aviation, Unical MRO, Unical 145, and Unical Aero. Unical Defense Inc., an affiliate that serves government defense contracts, is not included in the sale to Platinum Equity. The transaction is expected to close during the third quarter of 2021. Financial terms were not disclosed. Platinum Equity, a Los Angeles-based global investment firm with more than US$25 billion Read more

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TOPCAST acquires Shanghai AML Aviation Technologies to bolster mainland China MRO Service burgeoning growth

©TOPCAST has completed the acquisition of Shanghai AML Aviation Technologies

Topcast Aviation Supplies (TOPCAST), a global leader in aircraft parts distribution and MRO services, has completed the acquisition of AML Aviation Technologies (AML), a Civil Aviation Administration of China (CAAC)-approved aircraft components maintenance company located in Shanghai.  AML was established by Aviation Industry Corporation of China in 2002. With diverse testing facilities and repair capabilities, the core services include testing, repair, modification, and overhaul of air conditioning, communication, battery, cabin, fuel, hydraulic and pneumatic, light, water, and waste handling systems. TOPCAST onshore MRO service centre in Shanghai can provide a lower cost, faster turnaround time and more environmentally friendly service Read more

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Sidney Airport Holdings rejects US$16.6bn offer from Sydney Aviation Alliance

Sydney Kingsford Smith Airport, Terminal 2 ©AirTeamImages

The board of Sydney Airport Holdings has opted to reject last week’s offer of US$16.6 billion for Sydney Airport, which represented a 42% premium on the pandemic-affected value of the company. The offer came from the Sydney Aviation Alliance, a consortium comprising IFM Investors, QSuper, and Global Infrastructure Partners. Sydney Airport Holdings said on Thursday that it recognized its share price was likely to trade below the consortium’s indicative price in the short-term but said it would only accept a buyout deal that would “deliver and recognize appropriate long-term value.” Currently, low interest rates are forcing investment and pension funds Read more

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Delta Air Lines posts June-quarter 2021 financial results

©Delta Air Lines

Delta Air Lines (Delta) has released its financial results for the June quarter of 2021: Delta reported an adjusted pre-tax loss of US$881 million excluding US$1.5 billion of benefit related to the first and second payroll support program extensions (PSP2 and PSP3, respectively) and mark-to-market adjustments on its investments Adjusted operating revenue was US$6.3 billion, which excluded refinery sales and declined 49% on 39% lower sellable capacity versus the June quarter of 2019. Total operating expense, which included US$1.5 billion of benefit related to PSP2 and PSP3, decreased US$4.1 billion relative to the June quarter of 2019.  Adjusted for the Read more

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SITA acquires start-up Safety Line to support sustainable aviation

©SITA has acquired Paris-based start-up Safety Line

SITA, the global IT provider for the air transport industry, has announced the acquisition of Safety Line S.A.S., the Paris-based start-up specializing in digital solutions for aviation safety and efficiency. This acquisition will strengthen SITA’s Digital Day of Operations portfolio, helping airlines drive more efficiencies and fuel savings around the aircraft while taking immediate and sustainable steps to reduce their carbon footprint. With air transport accounting for about 3% of the worldwide carbon emissions, there is growing pressure on airlines to reduce their overall emissions. At the same time the COVID-19 pandemic requires airlines to make their aircraft operations leaner, Read more

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Lufthansa Group secures further liquidity on capital market

©Lufthansa

Deutsche Lufthansa AG has again successfully issued a bond with a total volume of €1 billion. The bond, with a denomination of €100,000, was placed in two tranches with a term of three and eight years respectively, and a volume of €500 million each: the tranche with a term until 2024 bears interest at 2.0% per year, the tranche maturing in 2029 3.5%. With the placement of the last corporate bond in February 2021, the Group already secured the refinancing of all financial liabilities due in 2021 and repaid the KfW loan of €1 billion ahead of schedule. The long-term Read more

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StandardAero completes acquisition of Signature Aviation’s Engine Repair and Overhaul business

StandardAero has received all required regulatory approvals and officially completed its acquisition of Signature Aviation’s Engine Repair and Overhaul (ERO) business. Signature’s ERO business is an engine maintenance, repair and overhaul (MRO) provider made up of the following five entities:  Dallas Airmotive, H+S Aviation, W.H. Barrett Turbine Engine Company, International Governor Services (IGS) and International Turbine Service (ITS).  ERO is headquartered in Dallas, Texas, with two overhaul facilities, (one in Dallas and the other in Portsmouth, England), ten regional turbine centers, one component MRO site and two parts/distribution facilities.   Like StandardAero, ERO is an OEM-aligned engine MRO services provider.  ERO Read more

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