iscover
Volume 1 of our Historic Airpower series concentrates largely on operations with the Boeing B-17 Flying Fortress
People, Bottom Line, Video & Book Reviews
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Bottom Line
Qantas has reported an operating loss of $158. 6m for 1990/91 due mainly to the recession, the Gulf War and financing costs. This is some $40m more than the loss reported for 89/90. The sale of nine 747-200’s realised $348m which resulted in an after tax profit of $44. 3m, compared to $12. 1m for last year. Included in the figures is an allowance of $109m for redundancy payments to the 3,000 staff who left the airline during the period. A surprise disclosure was the fact that the final results had been reduced by $99. 4m due to incorrect accounting for income tax over several years. North-west Airlines has reported third quarter net earnings of $134m up from $117 net income for the same period in 1990. However, the first nine months of the year saw a reduction in net profit to $97m compared to $142m for the same period the previous year. The CEO, John Dasburg said the third quarter results reflected the hard work of the 45,000 Northwest employees in what remained a challenging economic environment. Lufthansa has posted a pre tax profit of DM 172m ($A138m) for the third quarter of 1991; the result does not include any profit from aircraft sales. The airline suffered a loss of about DM 500m ($A400m) due to the Gulf War but expected to make up the deficit by the end of 1991 by the planned sale of aircraft and the use of reserves. Lufthansa’s performance was better than all other European carriers, due mainly to a sharply growing volume of German domestic traffic. KLM second quarter 1991/2 results show a continuation of the upward trend which commenced in the first quarter, with a $126m net profit being posted as compared with $28m in the previous second quarter. KLM increased its interest in Transavia Airlines to 80% on 1 July 91 and the Transavia results have been fully consolidated in the second quarter figures. KLM reports that general expenses have increased and that an aggressive approach will be necessary to achieve the 93/94 net profit target of 5% of operating revenues. Thai Airways Inter-national has achieved an operating profit before tax of 5,086m Baht ($A267m) on total revenues of 51,943m Baht ($A2732m), the highest annual revenue ever in the airline’s 31 year history. This was despite the general decline in air travel caused by the Gulf War and the worldwide economic recession.
The Civil Aviation Authority has announced an operating profit of $3. 3m for 90/91 after taking account of a $32m write down of assets to comply with taxation valuation requirements. The Federal Airports Corporation in its report for the 15 months ended 30 June 91 has posted an $85. 9m operating profit; this represents an official return of 8. 9% before interest on total assets. Total revenue was $413,098m whilst the dividend to Govt (the sole shareholder) was 15. 5m and interest paid to Govt was $68,374m. Total capable of being returned to Govt was $169,838, or 41% of total revenue.
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