Europe's struggling airline industry received a shot in the arm yesterday when German carrier Lufthansa raised its profits forecast for the year and ordered 10 new Airbus jets
Published:
1 August 2002 y., Thursday
Hammered by the slump in demand since last September's terrorist attacks on the US, European airlines have savaged costs, including thousands of jobs and planned orders, to restore profitability.
Lufthansa's forecast that its operating profits this year would be €500m (£314m) - compared with the €400m it predicted at its June annual meeting - propelled British Airways' shares skywards. They closed up 11p, or 7.4%, at 160p - the third highest rise in the FTSE 100 on the day.
The boost to BA's stock came ahead of tomorrow's first-quarter figures, which are expected to show pre-tax profits of around £80m - compared with the £200m pre-tax losses for the whole of 2001 and £50m earnings in the first quarter a year ago.
The airline also announced changes to its winter schedule which increase services to lucrative destinations such as New York and switch more routes from Gatwick to Heathrow in order to regain profitability. BA is increasing daily sub-sonic flights from Heathrow to New York from six to seven and weekly flights to Cape Town from seven to 10 among the changes, which will see capacity static compared with 2001.
Lufthansa said it would buy 10 Airbus A330-300s for delivery in 2004, prompting Airbus to claim it had so far won 76% of the medium to long range market so far this year.
Šaltinis:
guardian.co.uk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is supporting the modernisation of transport infrastructure in Serbia with a €150 million sovereign loan to finalise the construction of a new motorway section along the strategic Corridor X.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Romania’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA).
more »
The Executive Board of the International Monetary Fund (IMF) today approved a three-year, SDR 13.57 million (about US$21.5 million) arrangement under the Poverty Reduction and Growth Facility (PRGF) for the Union of the Comoros.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the second review of Mongolia's economic performance under a program supported by an 18-month Stand-By Arrangement (SBA).
more »
Parex banka has established a subsidiary, SIA NIF (“Nekustamo īpašumu fonds”, or “Real Estate Fund”), which will professionally manage assets that are not related to the Bank’s core business.
more »
In his address at the Lithuanian-Belarusian Business Forum “Belarus and Baltic States: new prospects for cooperation”, Prime Minister Andrius Kubilius has pointed out that Lithuania sees Belarus as creating its future in Europe...
more »
JDRF Employs VoIP and Web-Based Video Collaboration Enabled by Cisco for More Effective Teamwork Among Employees and Constituents.
more »
On 16 September 2009, AB Bank SNORAS group finished the transaction during which it purchased from AB “Invalda” with its own funds 100 per cent of the shares of AB “Finasta įmonių finansai”, managing AB Bank “Finasta”.
more »
Federal Reserve Chairman Ben Bernanke that the worst U.S. recession since the Great Depression was probably over, but the recovery will take time.
more »
Growth expected to return in the second half of 2009. Forecasts are still uncertain but fears of a severe, prolonged recession are fading.
more »