Aeropuertos Argentina 2000 reported (13-Nov-2012) passenger numbers through its airports increased 13.2% year-on-year to 2.2 million in Oct-2012. Buenos Aires Ministro Pistarini Airport reported the highest growth of 10.9% to 767,824 passengers while Buenos Aires Jorge Newbery Airport passenger numbers increased 9.7% to 788,705 during the month. [more – original PR – Spanish]
Aeropuertos Argentina 2000 reports 13% pax increase in Oct-2012
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All is not well in Air France-KLM. The group has reported another decline in quarterly profits. Its 2Q2015 operating result was down by 2% and insufficient to bring 1H2014 into positive territory after an operating loss in 1Q2015. Currency movements, specifically the weaker EUR versus USD, had the effect of inflating both revenue and costs, but the net impact accounted for the deterioration in the operating result.
Nevertheless, this should not detract from Air France-KLM's very weak unit revenues, which appear immune to attempts at improving the product and may only respond to capacity cuts. Either way, unit cost reduction will remain crucial if the group is to return to a sustainable profit path. Long haul routes in particular are under threat.
The development of its medium haul low cost airline, Transavia, continues to be rapid in France, but the scale and profitability of this operation are weak compared with Europe's leading LCCs. However, the establishment of Transavia Europe, with bases beyond France and the Netherlands, could be back on the agenda after a change in leadership at the French pilot union.
EasyJet: 3Q update signals another year of solid profit growth in spite of lower on time performance
EasyJet's 3Q update sent its share price up by 4% as investors cheered its better than expected revenue per seat performance, reflecting strength in the UK and on beach routes across Europe. Although this measure fell year on year - partly as a result of currency movements, but also illustrating some pricing weakness - the decline was less than expected. Moreover, the 4Q trend now appears to be positive.
Cost per seat, excluding currency movements, was slightly higher than expected, but this was the result of flight disruption caused by third parties, particularly French ATC strikes. Apart from this, there do not appear to be any cost surprises. One area of concern is easyJet's deteriorating on time performance statistics, although management insists that this is now improving.
Overall, and in spite of some challenges in the operational and macro environment, easyJet is in a relatively confident mood. Its FY2015 guidance sees pre-tax profit growth of around 10%, slower than the 21% achieved in FY2014, but still a solid performance.