Overview
Arguably the biggest news in Asia-Pacific aviation this week was the announcement of Cathay Pacific Airways Limited’s (CX) interim results.
CX keeps its position as ‘the rich kid on the block’ as first-half 2014 profit surged to HK$347 million (US$45 million), up markedly from HK$24 million in the year-ago period, but still fell short of airline and analyst expectations. Read More »
Financial Round Up
Air Arabia posts 128% profit increase in 2Q
Sharjah-based LCC Air Arabia has posted a second-quarter net profit of AED173 million (US$47 million), more than double its year-ago profit of AED76 million. Read More »
Airline News
MAS privatization must go far enough
The government's latest effort to resuscitate ailing flag carrier Malaysia Airlines (MAS) is likely to go the way of previous failed attempts unless it shows an appetite for difficult but necessary decisions, said the Financial Times. Read More »
Airline News
Cebu Pacific looking to become transfer airline; turns record profit in 2Q
Cebu Pacific Air (CEB) has surprised analysts with a record profit of PHP3.014 billion (US$68 million) in first-half 2014, up sharply from PHP257 million (US$6 million) in the year-ago period. Read More »
Airline News
Thai authorities revoke City Airways’ landing rights, HK director denies wrongdoing
City Airways, a small airline owned by a consortium of Thai, mainland Chinese and Hong Kong investors, has had its landing rights revoked by the Thai authorities after the airline failed to provide proper maintenance records last week. Read More »
Financial Round Up
Haeco first-half profit drops 21%, revenue up 66%
Hong Kong Aircraft Engineering Co (Haeco) has reported a 21% profit drop to HK$283 million (US$36.5 million) in first-half 2014 despite a 66% surge in revenue to HK$5.34 billion (US$690 million) during the same period, reflecting the continued shortage of skilled labour and declining demand for engine services. Read More »
People
Former airberlin CCO Paul Gregorowitsch has been appointed as the new CEO of Oman Air, the Muscat-based carrier has announced. Read More »
Short Takes
Airlines: Air New Zealand and Singapore Airlines have received the regulatory approval needed to start an alliance that will boost the capacity between each airline's country by up to 30%. Cathay Pacific has announced it will reduce premium economy on half its A330 fleet from currently 28 to 21 seats. Read More »
