Easyjet founder questions accounts
Easyjet founder Sir Stelios Haji-Ioannou refused to approve the carrier's accounts for the year to 30 September over what he deemed to be excessive valuation of Gatwick slots and aircraft acquired with the purchase of GB Airways. Pre-tax profit fell 45% to £110 million ($165 million) on revenue up 31.5% to £2.36 billion. He also said, in a statement released along with the accounts, that the budget airline should change a long-standing policy and pay a dividend to shareholders, by around 2011: "It just makes good business sense for every properly run, mature company to plan to pay a dividend to its loyal shareholders one day."
Latecoere anticipates full-year loss
French aerospace supplier Latécoère expects to end the year with 15% revenue growth, but it warns that adverse dollar effects are likely to push it to a full-year loss. Over the nine months to 30 September Latécoère's revenues rose 18% to €422 million ($534 million), boosted by increased Airbus, Dassault and Embraer deliveries. Latécoère increased its full-year revenue growth forecast from over 10% to 15% - or more if it is successful in getting Airbus to agree to accelerate payments for A380 research and development.
Lufthansa CityLine to cut 14 CRJ200s
Lufthansa CityLine is to cut 14 of its 22 Bombardier CRJ200s and 20% of its 2,500-strong workforce by 2010. CityLine says the 50-seat CRJ200 is increasingly uneconomical to operate. CityLine operates a 72-aircraft fleet, which also includes 20 CRJ700s, 12 CRJ900s and 18 BAE Systems Avro RJ85s.
Dollar slide hits Isreal Aerospace
Pre-tax profits at Israel Aerospace Industries were down 51% to $23 million for the third quarter to end-September despite a 10% increase in revenue to $877 million as a weakening US dollar continued to impact operations. Some 40% of sales were to civil markets. IAI's order backlog totalled $7.44 billion on 30 September 30, with new third-quarter orders exceeding $2.8 billion.
Qatar Airways runs rule over Olympic Airways
Qatar Airways has asked Lazard, the investment bank advising the Greek government on the sale of Olympic Airways, to provide it with detailed information on its business model and financial situation. "This will be evaluated closely with a view to us seeking to take a stake in the national carrier," says chief executive Akbar Al Baker, adding that Qatar is looking at "various opportunities globally to help grow our business".
Air New Zealand to cut up to 200 jobs
Air New Zealand is to cut some 200 full-time jobs in line with its reduced flight schedule. Up to 100 of the job cuts will come from long-haul cabin crew. Attempts to avoid redundancies by asking some pilots to take unpaid leave and some staff to work fewer hours, as well as freezing executive salaries and not renewing temporary work contracts, have failed.
GE to supply wing components for A350 XWB
Aviation Systems is to build wing trailing edge details and trailing edge secondary structures for the Airbus A350 XWB at sites in Hamble, UK and Suzhou, China. GE will supply some parts to GKN, which has the A350 fixed trailing edge contract, and some directly to Airbus at either Chester, UK or Toulouse.
Source: Flight International
