- Passenger numbers: 1.7 million, +0.1% year-on-year;
- Cargo volume: 40,321 tonnes, -1.4%;
- Aircraft movement: 20,267, -6.0%.
Brussels Airport passenger numbers stable in May-2012, cargo down 1.4%
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Turkish Airlines: quarterly operating profit falls in 3Q2013, but cargo activity strengthens
Turkish Airlines’ 3Q2013 net profit was level with the same period last year, but only thanks to non-operating items. The operating result for the quarter was below that of 3Q2012 as RASK growth failed to beat CASK growth for the first time this year. The carrier’s capacity and revenue growth continue at double digit rates, so maybe the occasional stumble is inevitable.
The brightest aspect of the 3Q results was what looks like the beginning of a rebound in cargo activity, which significantly outpaced the passenger business in terms of growth versus last year. Nevertheless, cargo is only 8% of revenues and the passenger operation business continues to be the major driver of the business.
Management will be looking to demonstrate that the weakening of unit revenue growth and strengthening of unit cost growth are not the start of new trends.
Air France-KLM: 'on the way to being saved' or are new measures not radical enough?
Air France celebrates its 80th birthday this week, amid claims by Alexandre de Juniac, Air France-KLM Group chairman and CEO, that it risked dying or “becoming a small regional carrier” were it not for the latest cost saving plans (Les Echos, 7-Oct-2013). Now, he says, Air France “is on the way to being saved”. He is counting on new restructuring measures that were presented to Air France’s works council on 4-Oct-2013 to restore the financial health of the bigger and more troubled of the group’s two main airlines.
In 1H2013, the Transform 2015 programme achieved profit improvements of EUR100 million, but the group conceded that Air France would not achieve its breakeven target in 2013. It said that additional measures would be needed to improve results in the cargo division and in Air France’s medium-haul operations.
As expected, the measures include a new voluntary redundancy plan, a reorganisation of the French regional bases, a reduction in Air France freighter capacity, cuts to Air France’s point-to-point medium-haul network and growth for LCC subsidiary Transavia France. Are even these measures radical enough to restore Air France to a sustainable profit path?