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
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Passenger unit revenue grew, driven by capacity cuts and sharp load factor gains, stimulated by falling yield. However, revenue from contract flying and charter operations fell and the increase in underlying profit owed much to unit cost reduction.
Flybe also signed a contract flying agreement for SAS and sold its stake in its Finnish joint venture. Moreover, it made progress with a number of other legacy issues, including exiting from its Embraer E175 order and securing additional used Bombardier Q400 aircraft. A key outstanding issue is finding a solution to its surplus E195 aircraft. In FY2016, it must aim for an improved result without having to rearrange the numbers.
CAPA's Aviation Outlook 2015: A year when everyone can make money - but liberalisation under threat
No commercial event in 2015 can have an impact as massive as the recent, continued, slide in fuel prices. Oil’s fall from grace in 2014/15 will influence global airline profits more positively than any single event in modern history, at least for now.
The slump in price has been so rapid and so welcome that for most airlines it has been like winning the lottery. Even if the price does not descend as far as previous lows, most airlines have adjusted to being profitable with oil at USD100/barrel, so the windfall should flow straight to the bottom line.
But there will also be a great divide; some airlines have hedged aggressively and will be paying almost twice as much as some of their unhedged competitors – equivalent to a net margin of 10% and more, a massive differentiator.
This CAPA Outlook 2015 is based on the global report contained in Airline Leader, Issue 26. This 92 page report embraces detailed outlooks for every world region, prepared by CAPA's world leading analysis team.