Alitalia improved its operating result and cut its loss, but net debt rose 50% to $1.9b as net assets fell to $280m. Staff cuts cost $77.5m.
Cathay's net profit rose 4.1% yet turnover grew 13.4%. Gross yield fell 4.3% and available tonne km per employee rose 7.5% to 573,700.
China Airlines' revenue fell slightly and its profit plunged, partly as a result of April's A300 accident at Nagoya.
El Al increased its profits as passenger numbers rose 15.5% to 2.48m. The carrier left receivership in February after 13 years.
FedEx doubled its profit as the international operation moved to an operating profit of $25.8m after losing $18.3m in the 1993/4 third quarter.
Iberia reduced its loss but was dragged down by its $2.2b of debt: financial charges were $224m. The carrier made an operating profit of $37.4m.
Provisional parent company results show a turnaround of DM650m (US$400m) before financial items and after special depreciation of $167m.
Pretax operating profit rose 47.1% to US$148.4m and net profit 79.5%, helped by US$ 17.6m in gains from the BA alliance. Passengers increased 13.8%.
A strong Swiss franc and lower asset disposals helped slash airline operating profits from $73.8m to $5.1m, but associated companies did well.
TWA's operating loss stayed level at $279m and interest costs rose to $195m. The 1993 net result included Chapter 11 exit accounting gains.
Varig renegotiated its finances, reduced employee numbers by 3,588 and withdrew from 11 routes, helped by a stronger Brazilian real.
Revenues slumped due to fewer sales and lower prices, and restructuring charges took their toll. But Fokker expects a return to profit in 1996.
Source: Airline Business
