Geneva-based PrivatAir has gone through a restructuring aimed at making it a leaner, but still profitable company ready to embark on expansion in the Middle East. Formerly part of the Latsis Corp., the aircraft management and charter company was recently bought by a group of private investors, including long-time CEO Greg Thomas.
This year will likely be an improvement on 2009 for airlines in this part of the world but it won’t mean a quick return to profitability, according to Andrew Herdman, director general of the Association of Asia Pacific Airlines (AAPA). But the substantial losses the group’s members have suffered in the last two years should at least be reduced, he told AIN in an interview ahead of this week’s Singapore Airshow.
Mubadala Breaks Ground on Airbus Deal
Tim Clark is relieved, if only slightly, because the Emirates Airline president sees a less bleak future for the local carrier than he projected a few months ago. Following better-than-expected performance through the middle of this year, Clark believes that in 2010 the airline industry should benefit from increased consumer spending, unless the recession deepens or stock markets decline strongly.
EADS, mas to create regional MRO MAS Aerospace Engineering (MAE), a wholly owned subsidiary of Malaysian Airline System (MAS), and EADS SECA, a Pratt & Whitney-designated aircraft engine repair and overhaul unit of the EADS Group, plan to establish a joint venture company just outside Kuala Lumpur to support and maintain regional airplanes powered by PW100-series turboprops, the companies announced last month.
The International Air Transport Association (IATA) predicts “the worst revenue environment in 50 years” in the airline business next year, according to a global market forecast the group released yesterday. In all, IATA sees a loss of $2.5 billion, led by a doubling in losses among Asia-Pacific carriers to $1.1 billion. Europe will rival Asia-Pacific’s bruising with a tenfold rise in losses, to $1 billion, according to the IATA report.
Fast-growing executive charter group VistaJet yesterday spelled out details of its new Flight Solutions portfolio. The Swiss-based group says that by operating closer to an airline business model it can radically change the economics of private aviation to make it a more viable option to a wider customer base.
VirginBlue has postponed the launch of its planned V Australia trans-Pacific services, scheduled for December 15, until at least February 28, because the machinists strike at Boeing will delay delivery of the first 777-300ER slated to perform the service.
If the drop in the number of attendees at last year’s annual NBAA Flight Attendant Conference was a result of economic uncertainty, then perhaps the increase in attendees this year suggests a market recovery. Few would be willing to publicly embrace such a notion, but the fact remains that the 197 attendees at this year’s conference in Philadelphia was a healthy increase over the 149 who turned the stiles last year in Nashville, Tenn.
No sooner had the ink dried on a report by the Institute for Policy Studies and Essential Action (IPS/EA) claiming super-wealthy private jet owners are enjoying tax breaks and luxury at the public’s expense than general aviation stood up to vociferously disagree.