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Aegean Airlines: still Europe's highest FSC margin, but LCC competition & economy weigh on yield

31-Mar-2015 8:00 PM

Reporting a strong increase in its 2014 profits, the Aegean Airlines Group has confirmed its position as Europe's most profitable legacy airline (by operating margin). Double digit capacity growth, increasing competition from LCCs (Ryanair in particular) and the fragile Greek economic backdrop led to a reversal of the unit revenue increase that Aegean enjoyed in 2013. However, it managed to offset lower RASK with even lower CASK.

In 2014, Aegean completed its first full year following the acquisition of Olympic Air. The Olympic acquisition brought Aegean a domestic PSO network, the flexibility to deploy turboprops on thinner domestic routes and more options in adapting capacity and frequency to optimise connectivity between domestic and international routes.

With Olympic's 2013 revenue around one quarter that of its parent in 2013, this was a significant acquisition for Aegean. It seems to have absorbed it without breaking its stride.

Fort Lauderdale's future shows promise after strong international passenger growth in 2014

1-Apr-2015 12:00 AM

Oman Air plans ambitious fleet expansion as 787s & 737s are acquired while ATRs & Embraers are axed

31-Mar-2015 7:19 PM

A350 update: Qatar Airways only operator, but Vietnam Airlines, Finnair and Cathay firm up plans

31-Mar-2015 2:00 PM

Avianca looks toward a promising 2015 after network adjustments spurred by Venezuela pull-down

31-Mar-2015 1:25 AM

Hainan Airlines order for 30 787-9s underscores trans-pac growth. Partnerships will need to increase

30-Mar-2015 5:45 PM

China's Lucky Air hopes for greater fortune with LCC model. 70 aircraft and widebodies by 2020

27-Mar-2015 9:00 AM

AirAsia X CEO Update

Malaysia AirAsia (MAA) and sister long-haul LCC Malaysia AirAsia X (MAAX) are shrinking their fleets in 2015 while adopting a new capacity and pricing strategy. Both carriers are trying to restore yields, which plummeted in late 2013 and 2014 due to intense competition and overcapacity in the Malaysian market.

MAA is still adding some capacity by improving aircraft utilisation levels. But passenger numbers will likely remain flat as the focus on yields results in a reduction in load factor.

Meanwhile MAAX has cut capacity across its scheduled network as part of a restructuring aimed at restoring profitability. MAAX was highly unprofitable in 2014 while MAA was the only profitable airline in Malaysia. MAA was also the only profitable airline among the eight carriers in the AirAsia/AirAsia X portfolio.

This is the second in a two-part series of reports on the Malaysian market and the outlook for 2015. The first report focused on flag carrierMalaysia Airlines (MAS), including its upcoming restructuring, and the recent reduction in overall passenger numbers in Malaysia. The report will focus on AirAsia and AirAsia X.
See related report: Malaysia aviation outlook Part 1: growth slows but competition is still intense as MAS restructures

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Airline Leader