Air Italy is reportedly to be merged into Meridiana Fly from 15-Feb-2013, according to reports by Avio Italia, AGI, and TTG Italia. As previously reported by CAPA, both airlines’ Air Operator’s Certificates (AOC) were revoked by the Italian Civil Aviation Authority (ENAC) and issued temporary AOCs which will expire in 12 months. The AOC change is due to the airlines’ financial difficulties. Meridiana Fly CEO Giuseppe Gentile is reportedly to be replaced by Roberto Scaramella following a proposal by Meridiana Fly founder and minority shareholder Aga Khan. The existing Meridiana Fly investors will acquire the 38.71% stake in Meridiana Fly and Air Italy currently owned by Air Italy Holding.
Air Italy to be merged into Meridiana Fly from 15-Feb-2013: reports
You may also be interested in the following articles...
Meridiana: how to escape the impact of loss-making Italian airlines?
Even after some years of joining together to fight the foreign invasion by LCCs, this has not been a great year for Italy’s loss-making established airlines. The Alitalia Group, formed from the merger of Alitalia and Air One, has had to seek additional crisis loan funds from its shareholders and the Meridiana airline group, formed from the old Meridiana, Eurofly and Air Italy, has undergone a recapitalisation.
CAPA recently analysed Alitalia’s new 2013-2016 industrial plan and, in this report, we turn our attention to Italy’s second indigenous carrier. Meridiana is even more heavily loss-making than Alitalia. Its fleet is ageing, its international network is sub-scale and its dependence on the domestic market is likely to bring it into ever more competition with Europe’s leading LCCs, while its unit costs mean it is likely to continue to struggle to compete with them.
Lufthansa’s 3Q2013 profit numbers all fall, but there is ‘clear improvement’: how to understand this
Lufthansa does not make it easy for the casual observer to understand its financial results. It has three different figures for what is generally called operating profit: ‘EBIT’, ‘operating result’ and ‘normalised operating result’, plus a fourth indicator, ‘adjusted operating margin’. Here is how we paraphrase Lufthansa’s 3Q2013 results communications.
“Underlying profitability is moving in the right direction, in spite of weak currency-affected yields. The SCORE restructuring programme is starting to have a positive effect, but is also bringing one-off costs. The transfer to Germanwings should lead to a profit in short-haul for the first time in five years and Austrian should report an operating profit for the first time since we bought it. Our 2013 operating profit should be EUR600 million to EUR700 million and SCORE should take us to our 2015 target operating profit of EUR2.3 billion. We should have a better view next year, when restructuring and product improvement costs reduce, but our recent aircraft order shows our confidence in the future. Trust us for now”.