Aviation
Emirates net profit plunges 70% to $680.4m..!
Emirates Group reported on Thursday a 70 per cent decline in its net profit, which reached Dh2.5 billion for the financial year ending March 31, 2017, as the group cited “a turbulent year for aviation and travel. “The group’s revenues for the year were up 2 per cent year-on-year to reach Dh94.7 billion.
In a statement, Shaikh Ahmad Bin Saeed Al Maktoum, chairman and chief executive officer of Emirates Airline and Group, said 2016-2017 was one of the company’s “most challenging years to date.”
“We remain optimistic for the future of our industry, although we expect the year ahead to remain challenging, with hyper competition squeezing airline yields, and volatility in many markets impacting travel flows and demand,” he said.
Shaikh Ahmad also cited other challenges during the year that impacted travel, including the UK’s vote to leave the European Union, Europe’s immigration challenges, terror attacks, currency fluctuations, and new policies regarding air travel to the US from Middle Eastern airports.
Meanwhile, Emirates airline reported an 82 per cent decline in its profits for the year to reach Dh1.3 billion. The airline’s revenues remained stable at Dh85.1 billion, as it carried 56.1 million passengers (up 8 per cent compared to last year).
Europe was the highest revenue-contributing region, with Dh23.9 billion in airline revenues coming from the continent.
Total operating costs increased by 8 per cent year-on-year, with fuel remaining the biggest cost component for the airline. Though average jet fuel prices fell slightly during the year, Emirates’ fuel bill increased by 6 per cent to Dh21 billion due to capacity increase.
The carrier received 35 new aircraft during the year, comprising of 19 A380s and 16 Boeing 777-300ERs. It also phased out 27 older aircraft, bringing Emirates’ total fleet count to 259 at the end of March.
From an operational perspective, Emirates launched six new passenger destinations, and added capacity to nine cities on its existing route network.
As for dnata, its profits crossed Dh1.2 billion for the first time, while revenues jumped 15 per cent to reach Dh12.2 billion. The growth was supported by new acquisitions in the US and in the Czech Republic.
During the year, Emirates Group invested Dh13.7 billion in new aircraft and equipment, acquisition of companies, technology, and staff initiatives.
Shaikh Ahmad said these investments will strengthen the group’s resilience, and allow it to adapt to the “volatile business climate and fast changing consumer expectations.”
As for dnata, its profits crossed Dh1.2 billion for the first time, while revenues jumped 15 per cent to reach Dh12.2 billion. The growth was supported by new acquisitions in the US and in the Czech Republic.
During the year, Emirates Group invested Dh13.7 billion in new aircraft and equipment, acquisition of companies, technology, and staff initiatives.
Shaikh Ahmad said these investments will strengthen the group’s resilience, and allow it to adapt to the “volatile business climate and fast changing consumer expectations.”
Airlines
Lufthansa is interested in deepening its partnership with Air India to expand its cargo operations
Lufthansa is willing to expand its cargo collaboration with Air India in order to increase cargo volumes.
“We believe that a strong Air India is good for both India and global aviation.” “We are always looking for ways to strengthen our ties with Air India,” Lufthansa stated According to the report.
United and Emirates Expand Market Presence Through New Agreement(Opens in a new browser tab)
In the midst of a robust revival in its cargo sector, the German airline is eager to work more closely with Air India. The ambitious growth plan for Air India includes the installation of wide-body aircraft, which will expand its cargo capacity by 300%.
“Lufthansa Cargo has seen a strong recovery in India, with cargo volumes recovering to surpass pre-pandemic levels in the first half of 2023,” the company said. Positive forecasts for the remainder of the year include continuous expansion, according to the airline. “India is one of the world’s air freight markets with the quickest rate of growth. As India’s economy continues to expand and its exports rise, there will likely be a rise in the demand for air cargo, it added.
LATAM Airlines has taken possession of the first A321neo it had leased from AerCap and placed an order for 13 more of the aircraft to boost regional expansion and expand its route network. This A321neo aircraft is the first in a committed backlog of 76 to be delivered. LATAM will receive 111 A320 Family aircraft in total.
Why LATAM retired its entire A350s fleet?(Opens in a new browser tab)
The recently arrived A321neo for LATAM has Airbus’ Airspace XL bins in the cabin and can accommodate 224 passengers. The larger bins enable 60% more carry-on baggage and 40% more storage space, allowing passengers and cabin crew to board flights more leisurely. 49% Sustainable Aviation Fuel (SAF) was used to propel the just-delivered A321neo to its destination.
The largest single-aisle A320 Family model sold by Airbus is the A321neo. The lowest seat-mile cost of any single-aisle aircraft on the market is provided by the A321neo, allowing operators to serve the entire market. Customers from all across the world have ordered more than 5,200 A321neos so far.
Why LATAM retired its entire A350s fleet?(Opens in a new browser tab)
The LATAM Airlines Group and its affiliates are the major airline group in Latin America, operating internationally throughout Europe, Oceania, the United States, and the Caribbean in addition to five local markets in the region: Brazil, Chile, Colombia, Ecuador, and Peru. LATAM is currently Latin America’s largest Airbus operator, flying 240 Airbus aircraft. LATAM received a brand-new Airbus A320neo in July of this year, marking the first delivery made with 30% SAF.
Airbus has sold over 1,150 aircraft in Latin America and the Caribbean. More than 750 are in operation throughout the region, with more than 520 in the order backlog, representing a market share of 58% of in-service passenger aircraft. Since 1994, Airbus has secured 75% of net orders in the region.
According to Vikram Rai, CEO of GE Aerospace South Asia, India’s civil aviation market, one of the fastest-growing in the world, has the potential to add 130-150 more wide-body aircraft to its fleet. In India, there are now about 700 commercial aircraft in service, although only about 50 of them are wide-body aircraft.
India, the third-largest aviation market in the world with about 1,500 aircraft on order from domestic airlines, is viewed as having “great potential” by GE Aerospace, a key manufacturer of aircraft engines.
Airbus unveils order from Wizz Air for 75 A321neo aircraft(Opens in a new browser tab)
India is a focus market and a priority market for GE Aerospace” and added that in his opinion, domestic airlines would think about adding more wide-body aircraft to their fleet and using them on busy domestic routes.
The government is attempting to create international aviation hubs in India in order for domestic airlines to transport passengers directly to a variety of foreign locations as a result of the growing air passenger traffic.
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Currently, the majority of passengers flying out of India to distant locations do so on connecting flights run by foreign airlines.”We need to reach a stage where we can transport our passengers from end to finish. We are talking about the next stage of growth here, Rai added.
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