Comair Ltd has announced a significant improvement in its profitability for the 12-month period ending 30 June 2013. Revenue grew by 29% to ZAR5.38billion (USD537.46million) from ZAR4.16billion (USD415.96million) in 2012. As such, the airline declared a headline profit of ZAR231million (USD23.09million), a marked improvement on that of 2012 which totalled ZAR18 million.
Wednesday, September 11, 2013
The CEO of Ghanaian domestic operator, Antrak Air (O4), Alhaji Asuma Banda, says he is seriously considering pulling out of the country as the presence of too many carriers on the Ghanaian domestic scene has rendered it almost impossible to operate an airline profitably.
Tuesday, September 10, 2013
Monwabisi Kalawe, South African Airways' (SA) Chief Executive Officer, says the airline's strategic turnaround plan #9 will be presented to a South African parliamentary inquest committee this week ahead of a possible release to the public at the airline's AGM tentatively due later this month.
Thursday, September 5, 2013
Air Seychelles (HM) has announced a strong second quarter (Q2) and half-year financial performance, reflecting continued solid growth and success in its turnaround strategy. Overall, during the quarter, the Seychellois national carrier posted total revenues of USD26.03 million (up from USD10.87million in 2012), a significant increase of 139%. Total revenues for the first half of 2013 reached USD42.05million (2012: USD18.76million), up by 124%.
Tuesday, August 27, 2013
Egyptian Minister of Civil Aviation, Mr Abdul Aziz Fadel, says the current Egyptian government is determined to map out the future for a New Egypt by leveraging the country's aviation and tourism sectors to help kick start the stalled economy. The minister's comments come against the back drop of plunging tourist arrivals caused by the country's ongoing political and social unrest which thus far have cost national carrier, Egyptair (MS), "considerable losses". Previous reports stated the national airline's arrivals had dropped 10% since the military coup of July 3 and the ensuing civil unrest.
Monday, August 26, 2013
The Government of Burkina Faso, in its most recent Council of Ministers meeting held in late July, has resolved to hold talks with the Aga Khan Fund for Economic Development (AKFED) & Industrial Promotion Services (IPS), the majority shareholder in Air Burkina (2J), regarding its future.
Tuesday, August 20, 2013
The Nigerian government's Asset Management Company of Nigeria (AMCON)'s Chief Executive Officer (CEO) Mr. Mustafa Chike-Obi has confirmed the appointment of a new Chief Executive Officer (Mr Hugh Fraser) and a new Chief Financial Officer to Aero (AJ), also known as AeroContractors. Mr Fraser is understood to have been in the position since May.
Friday, August 16, 2013
■ TANZANIA: Precision Air to post loss during latest Financial Year; asks government for $32mln in funding.
Tanzania's Precision Air (PW) will this year post a heavy loss, the airline’s board chairman, Mr Michael Shirima, has announced. In addition, the airline has reportedly asked the government, among various other undisclosed financial institutions, for TZS51.2billion (USD32million) in funding to help cover bank loans and instalments for its TZS218billion (USD136million) order with ATR which includes four ATR42-600s and one ATR72-600.
Monday, August 12, 2013
Air Mauritius Group and Company have posted their results for Q1 of their 2013/2014 Financial Year which ended 30 June 2013 with losses of EUR8.1million (USD10.83million) and EUR8.3million (USD11.1million) respectively. Despite the red, the figures are an improvement on the same period for its previous financial year in which it posted losses of EUR10.2 million and EUR10.4 million respectively.
Tuesday, August 6, 2013
The Zanzibari House of Representatives has taken the government there to task over continuous delays and cost overruns in the construction of an urgently needed new international terminal (Terminal II) at Zanzibar's Abeid Amani Karume International Airport.
Monday, July 29, 2013
Mauritian national carrier, Air Mauritius (MK), held its Annual Meeting of shareholders at the Grand Baie International Conference Centre in Port Louis on July 25, 2013 under the chairmanship of Mr. Appalsamy (Dass) Thomas.
Thursday, July 25, 2013
■ SOUTH AFRICA: Denel SOC posts strong $7.3million net profit for 2012/13 Financial Year as revenue grows 10%.
South African state owned aerospace and defence technology conglomerate, Denel SOC Ltd, has posted a net profit of USD7.33million (ZAR71million) for its most recent 2012/13 financial year, buoyed by a 10% increase in revenue - thanks in part to an increase in demand for its products in Africa, the Middle East, Asia-Pacific and South America - a restructuring of its debt and a reduction in its expenditure.
Tuesday, July 23, 2013
■ KENYA: So close yet so far as Jetlink Express struggles to sell its recovery plan to all its creditors.
Kenya's Jetlink Express (J0), grounded since November last year, has managed to convince 70% of its unpaid creditors to accept a business recovery proposal which would see the Kenyan domestic and regional carrier back in operations come October 1, though one, Kenya's Equity Bank, has remained adamant that it wants to see the bankrupt airline wound up and its debt of USD8.1million settled forthwith.
Monday, July 22, 2013
The Tunisian national assembly has approved a bill allowing national carrier, Tunisair (TU), to secure EUR74million in funding for the acquisition of its ten Airbus A320 necessary for its renewal plan. The move is part of a raft of measures laid down by Tunis to help the struggling airline return to profitability following the events of the last three years which saw Tunisia's tourism numbers plummet.
Wednesday, July 17, 2013
[UPDATE 17 JULY 2013] The Arab press is reporting that the Sudanese Government has signed a USD$750million loan, with an as-yet-unspecified foreign bank, to fund the initial construction phase of the capital, Khartoum's, New International Airport. The loan will be repaid over a period of 25 years, beginning after the completion of the project. Other loans secured thus far include a USD$47million loan from the Kuwait Fund for Arab Economic Development signed in July 2010, and another for USD$120million from the Jeddah-based Islamic Development Bank (IDB) signed in May 2010.
The Agency for Aerial Navigation Safety in Africa and Madagascar (L'Agence pour la Sécurité de la Navigation aérienne en Afrique et à Madagascar - ASECNA) has secured a loan of USD39.43million (EUR30million) from the International Finance Corporation (IFC), a member of the World Bank Group, to finance part of its renovation plan, which includes the acquisition of new equipment and the refurbishment of buildings. These investments will allow ASECNA to continue improving the quality of its services and to maintain its perfect safety track record.
Friday, July 12, 2013
■ CHINA: Nigeria finalizes $500mln deal with CCECC for construction of four new international air terminals.
With a high-powered state visit to China led by Nigerian president, Goodluck Jonathan, about to come to a close, Chinese and Nigerian government officials have finalized several loan and Memoranda of Understanding agreements valued at over USD1.1billion with various Chinese institutions and contractors. Among them is the Chinese construction conglomerate, China Civil Engineering Construction Corporation (CCECC), who have now been tasked with the construction of four new international airport terminals to be completed within 20 months.
Tuesday, July 9, 2013
The Tanzanian Civil Aviation Authority (TCAA) is mulling doubling its Air Navigation Charges and Safety Fees as means of paying for various infrastructural upgrades set to be rolled out over the next two years. The move however is still subject to a stakeholders meeting set for July 11.
Friday, July 5, 2013
Ethiopian Airlines (ET) has taken delivery of its sixth Boeing 777-200LR (MSN 43814 | ET-AQL) at a ceremony held at Addis Ababa Bole International Airport on July 2. The added aircraft comes at a time when Ethiopian is expecting to post very strong numbers for this year, in spite of the 787 Grounding debacle.
Monday, July 1, 2013
The Export-Import Bank of the United States (Ex-Im Bank) has authorized nearly USD130million in financing to support the export of General Electric-powered, Boeing long-range aircraft to Ethiopian Airlines (ET).