Aug 1, 2002
Italy's flag-carrying airline, Alitalia, is ready to announce a change in its fortunes when it reports first half earnings next month.
The company's board say that losses of EUR51.4 million for the same period last year have been turned into a pre-tax profit of EUR100 million (USD$97.5 million).
The turnaround is made more dramatic by the fact that the airline lost EUR21.9 million in the first quarter of 2002.
In a statement, the Alitalia board also revealed that they have agreed a deal to sell the carrier's Rome headquarters for EUR152 million.
In another move to dispose of non-core assets, the company is in talks to sell 80 percent of charter operation Eurofly to the Volare group and hopes to complete the deal by the end of next month.
The sales are expected to help Alitalia make a full year profit.