Korean Air has reported its first quarterly operating loss in five years - $112 million in the three months to the end of June and has blamed surging oil prices and weaker demand.
International passenger growth slowed to just 2.1% in the quarter while domestic traffic contracted by 2.5% year on year. The operating and net results were however better than market expectations.
Cayman Airways, the national carrier of the Cayman Islands has successfully completed the new IATA Operational Safety Audit (IOSA) following a stringent assessment by IATA accredited organization Morton, Beyer, Agnew of Washington.
It covered key areas of Cayman Airways structure including corporate organization and management structure, flight operations, flight dispatch, aircraft engineering and maintenance, ground handling, cargo operations and airline security.
China’s Hainan Group plans to launch a new airline. Qian Tang Air will be based in Hangzhou and aims to start with three leased Airbus A320s.
Malaysia Airlines has recorded a net profit of RM400 Million in the second quarter of 2008 on 8% higher revenues. This is its eigth consecutive quarter of profitability.
International carriers are reducing services to Los Angeles International Airport (LAX) citing high fuel prices. Air India plans to eliminate its six flights a week between LAX and Frankfurt with connecting flights to New Delhi and Mumbai. In late October, Thai Airways will withdraw its non stop flights to Bangkok and Cathay Pacific is suspending one of three daily flights to Hong Kong.
Other foreign carriers curtailing services include Aer Lingus which is pulling six of its weekly flights and Malaysia Airlines whose weekly services will drop from 14 to 6.
In Flight News