ANA reports profitable fiscal year 2007

ANA Group posted a record net income of 64.1 billion yen, a 96% year-on-year increase, in the wake of the sale of its hotel assets on June 1 of the period under review. Despite the loss of revenue from the hotels, consolidated revenue for the twelve months remained practically unchanged at 1.48 trillion yen, thanks to a strong performance by airlines within the Group. Operating income was squeezed by the rising price of jet fuel and the accelerated depreciation of aircraft as the Group races to renew its fleet. As a result, consolidated operating income fell 8.5% year-on-year to 84.3 Read more

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Genesis Lease announces first quarter 2008 results

For the quarter ended March 31, 2008, rental revenues were $54.1 million, compared to $40.5 million for the same period in 2007, an increase of 33.6%. The increase in rental revenues was primarily the result of the acquisition of an additional 12 aircraft in 2007, whereby Genesis increased its portfolio from 41 aircraft on January 1, 2007 to 53 aircraft on March 31, 2008. Net income was $9.9 million including a pre-tax charge of $1.8 million relating to the termination of two leases with Aloha Airlines following the airline’s bankruptcy. The components of this charge were $0.5 million in costs Read more

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Finnair's financial condition strengthened

Finnair’s turnover grew in the first quarter by 9% to 577 million euros. The operational result strengthened to 11 million from nearly 6 million euros the previous year. “Following last year’s good profit development, we have entered this year in a good position. Finnair’s balance sheet position is strong and our business is fundamentally in good shape,” says Finnair President & CEO Jukka Hienonen.

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Silverjet enters into MOU with UAE based investor

Silverjet, the British exclusively business class airline, announces an update on its working capital position and that it has entered into a memorandum of understanding with a UAE based investor (the “Investor”). Following recent material increases in fuel prices and tightening of credit conditions in the airline industry, Silverjet’s working capital has deteriorated and its residual reserves are limited. The MOU entered into April 29, 2008 provides that approximately $25.0 million (12.7 million pounds Sterling) will initially be invested directly in Silverjet by means of debt and equity. It is anticipated that the equity element will amount to approximately $8.0 Read more

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WestJet increases first quarter net earnings 75.9%

WestJet announced record first quarter net earnings of $52.5 million, a 75.9% increase over the $29.9 million in the first quarter of 2007. The airline’s diluted earnings per share (EPS) for the first quarter was 40 cents compared to 23 cents in the same period last year, an increase of 73.9%. First quarter revenue was $599.3 million compared to $470.7 million in the first quarter of 2007, an improvement of 27.3%. Operating margin for the quarter was 13.8%.

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B/E Aerospace record first quarter results

B/E Aerospace announced financial results for the first quarter of 2008. First quarter revenues of $473.2 million reflect 22.0% year-over-year organic growth, first quarter net earnings of $48.5 million increased by 51.1% compared to the first quarter of the prior year. First quarter net earnings per diluted share of $0.53 increased by 32.5%, despite the 500 basis point increase in the effective tax rate and the 16% increase in the number of weighted average shares outstanding. On a comparable effective tax rate basis, earnings per share increased by 43%.

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Republic Airways reports first quarter 2008 results

Republic Airways Holdings reported operating revenues of $363.9 million for the quarter ended March 31, 2008, a 25.3% increase, compared to $290.4 million for the same period last year. The Company reported net income of $20.2 million for the quarter ended March 31, 2008, compared to $19.3 million reported in the prior year

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US Airways reports first quarter net loss of $236 million

US Airways Group reported a net loss for its first quarter 2008 of $236 million compared to a net profit of $66 million for the same period last year. Excluding net special items of $3 million, the Company reported a net loss of $239 million for its first quarter 2008. This compares to a net profit excluding special items of $34 million for the first quarter of 2007, which included $32 million of net special credits. The Company has taken steps to further reduce capacity in the back half of 2008 and into 2009. Since the previous earnings release on Read more

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Alaska Air reports first quarter 2008 results

Alaska Air Group reported a first quarter net loss of $35.9 million compared to a net loss of $10.3 million in the first quarter of 2007. Both periods include adjustments resulting from mark-to-market fuel hedge accounting. Excluding the impact of these adjustments, the company would have reported a net loss of $36.3 million compared to a net loss of $15.8 million, or $0.39 per share, in the first quarter of 2007.

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