Italy's Meridiana has posted a profits recovery after agreeing a major cost-cutting deal with its workforce last year,
The airline, the bulk of which is owned by the Aga Khan, saw profits climb to L15 billion ($9 million), having been little above break-even in 1996. Sales were up by 15%, to L551 billion, helped by the arrival of a nineteenth MD-80. As the price for union concessions, Meridiana is preparing to hand about 16.7% of the company to its 1,100 staff. No further share sales are envisaged in the short term.
Source: Flight International
