SR Technics is a leading independent provider of technical services for the civil aviation sector, covering fleets, engines and components. With its head office at Zurich Airport, SR Technics provides its services to about 500 airline customers through a network of international operations and sales offices in Europe, Asia and the Middle East. SR Technics is majority owned by Mubadala Development Company.
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As in the rest of Europe, the airline industry in the continent’s Nordic region is undergoing a structural change characterised by bankruptcies and intense competition from low-cost carriers with full-service network airlines implementing cost reduction programmes aimed at securing long-term sustainability or just survival. The region saw yet another operator cease operations in 2Q2012, Air Finland, following on the bankruptcy of Cimber Sterling, Skyways and City Airline in the first three months of the year.
Finnair made outstanding progress in 2Q2012 to lower its cost base and heighten revenue although it could not attain profitability while SAS Group’s pre-tax earnings halved year-on-year to SEK371 million (EUR45.1 million ) despite a one-off SEK346 million (EUR42.1 million) capital gain attributable to property transactions. Norwegian Air Shuttle improved in all operating parameters in the three months ending 30-Jun-2012 and reported a consolidated net profit of NOK90.5 million (EUR12.4 million), up 69% over the year-ago period. The LCC’s operating profit expanded to NOK322.3 million (EUR44.3 million) from NOK72.8 million (EUR10 million) in the year-ago period, and 2Q2012 EBIT margin was a respectable 10.2%.
In a report to be released by CAPA India, the Indian MRO market is projected to reach a size of more than USD2 billion by 2020, up from approximately US$800 million today.
Air traffic growth softened in Jun-2011, under pressure from rising jet fuel prices and higher tax rates in some countries. However, the trend for passenger travel remains upwards, but at a slower pace than the post recession rebound, which was at an annual rate close to 10%, IATA noted.
Hyderabad Rajiv Gandhi International Airport, which celebrated its third anniversary of operations on 23-Mar-2011, stated it has developed a three-pronged strategy to improve its revenues in the wake of a decline in the real estate market.
easyJet warned that first half losses may double in 2011 to between GBP140 million and GBP160 million, compared to a pre-tax loss of GBP78.9 in the previous corresponding period. Reasons include increasing fuel costs, an uncertain economic outlook and the impact of poor weather. easyJet however stated it remains “on track to be profitable again this year” adding that it has posted a first-half pretax loss for the last eight reporting periods while recovering to record a full-year profit.
Cyprus-based Eurocypria’s trade unions this week stated they had no opposition to a merger between the carrier and Cyprus Airways. A report on a merger between the two government-owned carriers is being compiled by KPMG and is due before the end of Jun-2010. In an unusual case, the Cypriot Government owns 100% of Eurocypria and 70% of Cyprus Airways.