Shares in British Airways, Lufthansa and Air France-KLM advanced 2.0%, 1.6% and 0.6%, respectively yesterday (25-Jun-09), despite overall weakness in European stock markets.
Investors shrugged off Lufthansa's commentary that while Economy class demand has been stabilising over the past few months, premium travel demand continues to decline at a rapid pace. The carrier confirmed plans to remove a further seven aircraft (for a total of 25 aircraft) from service in the remainder of 2009, with plans to remove five aircraft from its European fleet next month and two long-haul routes in Sep-2009.
British Airways, meanwhile, stated 6,940 staff (or approximately 17% of the carrier’s workforce) have volunteered for unpaid leave (4,000 staff), part time work (1,400) or unpaid work for a period of one to four weeks (800) as at 24-Jun-09, potentially saving the carrier as much as GBP10 million.
Europe selected airlines daily share price movements (% change): 25-Jun-09