International Airlines Group (IAG) has reported record profit and high margins in the third quarter of 2023, driven by very strong leisure demand across all its airlines. The Group reported strong growth of operating profit before exceptional items in the quarter of €1,745 million (Q3 2022: €1,216 million) and an operating margin of 20.2%(Q3 2022:
Air France-KLM and Apollo Global Management have signed a definitive agreement between Apollo-managed funds and entities and a dedicated operating affiliate of Air France-KLM regarding a €1.3 billion financing, accounted as quasi-equity under IFRS, with the option for Apollo to increase the nominal amount up to €1.5 billion in total, prior to closing. This dedicated
The Boeing Company has recorded third-quarter revenue of US$18.1 billion and a net loss of US$1.6 billion. GAAP loss per share was (US$2.70) and core loss per share (non-GAAP) was (US$3.26). Third quarter results were impacted by unfavourable defence performance and lower 737 deliveries. Commercial Airplanes third quarter revenue increased to US$7.9 billion driven by higher 787 deliveries. Operating margin of (8.6%)
Portugal’s flag carrier TAP Air Portugal (TAP) has posted a remarkable 62% surge in net profit for the third quarter, setting a new record at €180.5 million (US$192 million). This impressive financial performance was attributed to robust revenue growth and stringent cost controls, which significantly boosted operating margins, all while the company is gearing up
The Board of Directors of the African Development Bank Group has approved a US$23.6 million (£19.3 million) loan for the construction and equipment of a new aviation training facility in the Rwandan capital, Kigali. The proposed Centre of Excellence for Aviation Skills (CEAS), including an aircraft hangar, will partner with higher learning institutions to produce
In the third quarter of 2023, Alaska Airlines (Alaska) has reported net income of US$139 million under Generally Accepted Accounting Principles (GAAP). This marks a significant increase compared to the US$40 million net income recorded in the third quarter of 2022. When special items and mark-to-market fuel hedge accounting adjustments are excluded, the reported net
Qantas and Alliance Aviation Services (Alliance) have jointly announced the termination of their May 2022 agreement for Qantas to fully acquire the Australian-based charter operator. This acquisition, which had received formal opposition from the competition regulator in April 2023, was initially anticipated to deliver enhanced customer value without undermining competition, especially in the fiercely competitive
Shares of major US airlines saw a decline on Wednesday, October 18, triggered by United Airlines‘ disappointing fourth-quarter forecast, which had shaken investors the day before and heightened concerns about rising operational costs affecting carriers’ profits. United Airlines witnessed an approximate 8% drop in its shares, hitting a one-year low. This decline had a domino
Delta Air Lines has exceeded its quarterly earnings expectations, but concerns about higher fuel expenses has led to a revision in its full-year profit outlook. The Atlanta-based carrier’s earnings report coincides with indications of weakening domestic travel demand, raising questions about whether consumers are scaling back travel expenditures due to dwindling household savings, the resumption
Virgin Australia has returned to profitability for the first time in 11 years, reporting statutory NPAT of AU$129 million. Revenue more than doubled compared to the prior year to AU$5 billion as the company responded strongly to increased customer demand following COVID-19. Underlying EBIT was AU$439 million, representing a margin of 8.8%. Virgin Australia’s Airline
