Airlines
Qatar receives LATAM approval for a buy-in, SAUDIA takes delivery of first A330 Regional
August 26th 2016
LATAM Airlines Group has approved Qatar Airways to acquire a 10% stake in the aviation consortium for $613.2 million. The Doha-based carrier will purchase 61,316,424 new shares of common LATAM stock for $10 a share. Read More » LATAM said Qatar Airways will not immediately gain a seat on its board, but it could once an opening becomes available.
In other Gulf updates, Airbus has delivered the first of 20 on-order A330-300 Regionals to Saudi Arabian Airlines (SAUDIA). The Jeddah-based carrier is leasing the new aircraft type from the International Air Finance Corporation (IAFC). The redesigned A330 can seat up to 400 passengers on flights up to 5,000kms. SAUDIA has configured the plane with 30 business and 300 economy seats.
In Turkey, flag carrier Turkish Airlines has been haemorrhaging during the first half ended June 30. The Star Alliance carrier has posted a net loss of 1.894 million lira ($644 million) for the first six months, compared with a profit of 1.035 million lira in the year-ago period.
Turkish Airlines said it has faced “challenging conditions”, following a series of terrorist attacks in Turkey and an attempted military coup, which put further pressure on yields already strained by increased competition and capacity injections.
The carrier, under the leadership of Temel Kotil, has a fleet of 333 aircraft flying to 290 destinations, up from 276 last year.
Separately, former Turkish Airlines CFO, Coskun Kilic, has taken the carrier to court over what he claims was his unfair dismissal in the wake of last month’s failed coup. The airline has fired 211 staff identified as supporters of Fethullah Gulen, who Ankara says was behind the rebellion.
