Tag: financial loss

Etihad Backed Virgin Australia Continues To Struggle

Etihad backed Virgin Australia posted $185 million in annual losses last month. The results were the fifth consecutive annual loss by Australia’s second-biggest carrier, in which Etihad has a 21 percent stake. CEO John Borghetti says that the losses, a 17.6 percent improvement year on year, indicate that the airline is “on the right track” […]

Airberlin To Cut All Caribbean Long-Haul Routes

German carrier airberlin, which filed for bankruptcy last month, is to close all of its long-haul routes to the Caribbean from Sept. 25 because of cuts to its long-haul fleet. On Sept. 11, the oneworld member said its entire Caribbean network will be closed, including flights from Dusseldorf to Curacao (Dutch Antilles), Cancun (Mexico), Havanna […]

Cathay Pacific Urges Pilots Pay Freeze After Poor 1H Results

Cathay Pacific is looking to cut staff costs by 10% following a poor first half performance, and is asking pilots to accept a pay freeze, reports the South China Morning Post. The news site has seen an internal memo which shows of 2016’s staff costs of HKD19.7 billion (USD2.5 billion), half was attributable to pilots […]

Air Berlin Cuts Long Haul Routes From Berlin

Air Berlin has stopped offering direct flights from Berlin Tegel to Abu Dhabi Int’l, San Francisco, CA, Chicago O’Hare, Boston and Los Angeles Int’l from the end of September. Connecting long haul flights via Dusseldorf are still available, with the exception of Dusseldorf – Boston. Flights from Berlin to New York JFK are so far […]

Air Berlin May Soon Cancel Flights As Cash Crunch Looms

Despite a government guarantee of EUR150 million, Air Berlin (AB, Berlin Tegel) may soon find itself having to cancel flights, according to German newspaper Suddeutsche Zeitung. Citing insider information, the news site says that Air Berlin will be unable to maintain parts of its network as it does not have access to revenue generated by […]

Air Berlin Files For Administration As Etihad Expresses Disappointment

Air Berlin has filed for administration after Etihad Airways said it cannot continue to guarantee future cash infusions into the troubled airline. “This development is extremely disappointing for all parties, especially as Etihad has provided extensive support to Airberlin for its previous liquidity challenges and restructuring efforts over the past six years,” Etihad has said […]

Etihad Looses $2 Billion – Despite Receiving $1.7 Billion In Subsidies

A new analysis from forensic accountants on behalf of the Partnership for Open & Fair Skies has revealed that Etihad Airways suffered a $2.06 billion operating loss in 2015, even as the airline received $1.7 billion in new subsidies from its government. The accountants also discovered that Etihad had an operating loss of $1.4 billion […]