All Strategy news – Page 155
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News
Cathay plunges to record HK$8.7 billion loss in ‘most challenging’ first half
Cathay Pacific Group reported a staggering operating loss of HK$8.7 billion ($1.13 billion) for its half-year financial results, in what its chairman called the “most challenging” period for the group in its 70-year history. Cargo proved to be the sole bright spot for the troubled group, which in recent months ...
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Thai AirAsia posts big operating loss amid broader group woes
Thai AirAsia’s dismal financial performance in the second quarter underlines the devastating impact of coronavirus for the AirAsia Group. Thai AirAsia parent Asia Aviation saw its operating loss for the quarter ended 30 June more than double to Bt1.8 billion ($58 million), from Bt798 billion a year earlier. Revenue fell ...
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Mesa bets on Cargo as operating profit falls 12%
Mesa Air Group reported a $15 million operating profit during the third quarter despite the travel downturn during the coronavirus pandemic.
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Court clears Irish regional CityJet to exit examinership
An Irish High Court has cleared Irish regional carrier CityJet to leave the formal financial restructuring process it entered in April as the coronavirus crisis struck.
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Jet2 parent has ‘sufficient liquidity’ for a year without flights
UK leisure carrier Jet2’s parent company Dart Group has concluded from a modelling exercise that it would have “sufficient liquidity” for a scenario in which no flights could be operated until August of next year.
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Airline Business
Asia-Pacific airlines temper optimism with caution - but for how long?
While capacity is expected to increase in coming months, airlines in and around the region warn of material losses in upcoming financial results. With the pandemic-induced downturn showing no sign of easing off anytime soon, they are finding it increasingly trickier to match expectation with reality.
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News
TUIfly returns more than half its 737s to service
German leisure carrier TUIfly has reactivated more than half of its fleet since restarting regular flights on 15 June.
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Air Arabia dragged to half-year loss as second quarter revenues collapse
Air Arabia recorded a net loss of Dhs239 million ($65 million) in the second quarter as the pandemic virtually wiped out passenger revenues during the period and dragged the low-cost carrier into the red for the first-half.
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News
IndiGo aims to raise up to Rs40bn through equity placement
Low-cost carrier IndiGo’s parent Interglobe Aviatoin has outlined plans to raise up to Rs40 billion ($533 million) through a planned institutional placement.
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Qantas raises only $51.4 million with share-purchase plan
Qantas has raised only A$71.7 million ($51.4 million) from a share-purchase plan (SPP) intended to raise as much as A$500 million, according to a 10 August filing to the Australian Securities Exchange.
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British Airways staff receive redundancy notices
British Airways has begun informing thousands of staff whether they will be made redundant, as part of its plan to cut 12,000 positions.
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China Airlines to pump up to $68 million into Tigerair Taiwan
Taiwanese flag carrier China Airlines plans to inject as much as NT$2 billion ($68 million) of equity into low-cost subsidiary Tigerair Taiwan.
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News
United begins removing seats from regional aircraft
United Airlines has begun removing seats from Embraer 175 regional aircraft, a strong indication that broad pilot furloughs are imminent.
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Copa’s second-quarter results shattered by travel restrictions
Copa Holdings, the parent of Panama City-based Copa Airlines, reported a second-quarter loss of $386 million as the coronavirus, coupled with numerous government-imposed measures to stop its spread, decimated the company’s business.
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Airline Business
Airline losses mount for second quarter after revenues collapse
Airlines routinely posted losses deeper than the revenue they brought in during the April-June quarter, as the virtual grounding of international scheduled services wiped out much of their business.
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News
Jeju Air could take $15m hit from cancelled Eastar Jet deal
Jeju Air may have scrapped plans to acquire a majority stake in Eastar Jet, but it could still take a further W18 billion ($15 million) hit to its bottom line.
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Etihad starts network rebuild after ‘enormous challenges’ thwart early 2020 gains
Etihad’s strong start to 2020 was thwarted by the coronavirus pandemic as it now plots the reactivation of its network amid a further drive to reduce costs.
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News
Creditors to vote on Virgin Atlantic restructuring plan on 25 August
Virgin Atlantic creditors will vote on the UK carrier’s restructuring plan at a meeting on 25 August after court proceedings in London yesterday.
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News
Tigerair Australia to cease operations
Low-cost operator Tigerair Australia will cease operations owing to a lack of demand in the Australian market. Parent company Virgin Australia states that it was shutting its low-cost arm down as “there is not sufficient customer demand to support two carriers at this time”, in an oblique reference to ...
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Virgin Australia moves to all-737 fleet, cuts staff as it exits administration
Virgin Australia will operate only Boeing 737s, focusing on its domestic and short-haul networks, as it enters a post-administration future with new owner Bain Capital. As part of the “resetting…to meet lower global and Australian demand”, the carrier, which entered voluntary administration in April, will also be cutting about ...