On a preliminary basis, the Lufthansa Group generated an adjusted EBIT of €686 million in the second quarter of 2024 (previous year: €1.1 billion). A market-related decline in average yields in all traffic regions, particularly in Asia, had a negative impact. The unit costs of the passenger airlines remained at the previous year’s level in
SITA has finalised the acquisition of Materna IPS following the completion of regulatory formalities and legal procedures. This acquisition marks a significant leap forward in the digitalisation of the global aviation industry, enhancing check-in, baggage handling, and security processes. Travellers can expect reduced wait times, smoother journeys, and a new era of personalised digital services.
IFS, the technology innovator in cloud and Industrial AI software, has acquired EmpowerMX, an AI-powered aviation maintenance software provider specialising in airframe MRO solutions, trusted by large aviation organisations including Embraer, MRO Holdings, Delta and American Airlines. The acquisition reinforces IFS’s commitment to Industrial AI and underpins the importance of industry-specific capabilities that enable customers
Delta Air Lines (Delta)has reported a 29% decline in second-quarter profit due to higher costs and discounting of base-level fares across the industry. Despite this, the airline still earned US$1.31 billion during that period. The company’s revenue rose by 7% to nearly US$16.66 billion, setting a new record for the quarter. Delta CEO Ed Bastian emphasised the need for low-cost
BOC Aviation Limited (BOC Aviation) has successfully concluded a self-arranged club loan transaction involving 25 banks worldwide, amounting to US$2.3 billion. This five-year agreement represents the company’s largest transaction to date, surpassing the US$1.375 billion club loan signed in October 2023. The transaction consists of four facilities extended by global banks to BOC Aviation and
Qatar Airways Group has reported the strongest financial performance in its 27-year history, announcing record profits of QAR6.1 billion (US$1.7 billion) in its annual report for the 2023/24 financial year. The airline group reported net profits of QAR6.1 billion (US$1.7 billion) during the 2023/24 fiscal year, with a total revenue of QAR81 billion (US$22.2 billion).
SITA has reported record results for 2023, with revenues reaching almost US$1.5 billion. This represents a rise of 7% on the prior year, with all signs so far in 2024 indicating similar positive performance this year. Unveiling the results at SITA’s annual general assembly in June, SITA CEO David Lavorel also cited growth in margin
Southwest Airlines has adopted a ‘poison pill’ strategy to deter Elliott Investment Management from increasing its stake in the carrier, following the activist investor’s call for leadership changes after disappointing financial results, according to Reuters. The announcement comes days after Southwest CEO Bob Jordan stated he would not resign in response to pressure from Elliott,
The EU Commission has approved Lufthansa‘s investment in the state-owned Italian airline ITA Airways (ITA). Although the airline is currently performing well, its long-term existence as an independent entity is “highly uncertain” without this transaction. The EU Commission also stated that approval is contingent upon the airlines fulfilling conditions to safeguard competition. After years of
Archer Aviation (Archer) has received an additional US$55 million investment from Stellantis, following the achievement of Archer’s transition flight test milestone last month. This latest investment builds on Stellantis’ series of open market purchases of 8.3 million shares of Archer’s stock in March this year. During 2023, Stellantis invested US$110 million in Archer through a
