Operating profit at Aer Lingus owner IAG up 20%
Airline group’s chief executive Willie Walsh welcomes ‘another strong quarter’
Operating profit at Aer Lingus owner IAG rose more than 20 per cent to € 1.5 billion before exceptional items for the nine months to September 30th, 2017, up from items € 1.2 billion during the same period last year.
The company’s results note Aer Lingus continued its expansion across the North Atlantic with the full impact of new routes launched last year to Los Angeles, Newark and Hartford and the launch of services to Miami last month.
The average number of employees at AIG was up marginally while productivity increased 2.2 per cent with improvements at British Airways, Iberia and Aer Lingus.
Non-fuel unit costs before exceptional items for the quarter were down 1.7 per cent, but up 2.5 per cent on a constant currency basis.
Fuel unit costs before exceptional items for the quarter were down 7.5 per cent, but down 8.4 per cent at constant currency.
Operating profit before exceptional items for the period was € 2.43 billion, which was up 26.9 per cent from the € 1.9 billion last year.https://www.irishtimes.com/business/tra ... -1.3271139
Stobart eyes spin-off of Dublin-based aviation unit in group reshuffle plan
UK transport and energy group Stobart is understood to be considering hiving off its Dublin-based Stobart Aviation unit as a separate entity - just months after bringing it into the group fold.
Stock-market-listed Stobart indicated last week that it was assessing possible new structures for its aviation arm that would allow the unit to secure investment in order to pursue consolidation opportunities.
Stobart Air operates the Aer Lingus Regional service on a franchise basis, and also has a franchise agreement with UK regional carrier Flybe to operate routes including a new service between Dublin and London Southend Airport that starts next weekend.
Warwick Brady, Stobart Group CEO, told the Irish Independent last week that Stobart did not want to "miss out" on consolidation opportunities if they arose, but declined to say what the new structure might be.
Stobart Group owned 45pc of Stobart Air before it wholly acquired it. Invesco Perpetual owned 40pc and broker Cenkos held 10pc. Former Aer Arann chairman Pádraig Ó Céidigh owned 5pc. Invesco owns 27pc of Stobart Group.https://www.independent.ie/business/iri ... 62670.html
Flybe’s Dublin-Southend flights take off at weekend
Stobart Air to operate route on airline’s behalf
Regional airline Flybe launches its Dublin-to-London Southend service at the weekend.
Flybe announced several weeks ago that it planned to begin flying from the capital to Southend, located 40 miles outside London in Essex.
Stobart Air, which also operates the Aer Lingus Regional services between Ireland and Britain, will fly the route on the airline’s behalf.
The flights start on October 29th and will take off three times a day. There are some seats available at €24.99 and €29.99, there are many seats at €19.00 one way. *https://www.irishtimes.com/business/tra ... -1.3266185