Caribbean Airlines (Port of Spain) will operate the last Boeing 767-300 revenue flight on the London (Gatwick) – Port of Spain route on January 10, 2016 per Airline Route. The airline is getting out of the long-haul business.
The company will also retire its two Boeing 767-300 ERs when the route is ended.
Copyright Photo: SPA/AirlinersGallery.com. Boeing 767-316 ER 9Y-LGW (msn 26327) departs from London (Gatwick).
Caribbean Airlines aircraft slide show:
Airline Aircraft Type “Endangered Species List” (constantly updated):
Caribbean Airlines (Port of Spain) yesterday (August 28) took delivery of its first (of two) Boeing 767-300. The former LAN Airlines (Santiago) Boeing 767-316 ER CC-CEB (msn 26327) is now registered appropriately as 9Y-LGW. The wide-body airliner was greeted with the traditional water cannon salute at POS on its arrival. Caribbean is planning to restore London (Gatwick) service from both Barbados and Trinidad with this new type.
The pictured 9Y-LGW also carries a special “Trinidad and Tobago – Celebrating 50 Years of Independence” logo.
Copyright Photo: Nigel Steele. The historic moment is captured at Port of Spain.
LATAM Airlines Group S.A. (LAN Airlines and TAM Linhas Aereas) (Santiago) has announced a second quarter net profit of $49.7 million. This is the first financial report for the group. Here is the full statement.
“LATAM Airlines Group has announced its consolidated financial results for the second quarter and for the six months ended June 30, 2012. “LATAM” or “the Company” makes reference to the consolidated entity, which includes passenger and cargo airlines in Latin America. All figures were prepared in accordance with International Financial Reporting Standards (IFRS) and are expressed in U.S Dollars, except for TAM S.A. (“TAM”) second quarter 2012 Income Statement figures, which are expressed in Brazilian reais.
LATAM Airlines Group S.A. today reported its first consolidated financial results for the second quarter and first half of 2012, following the successful completion of the exchange offer and mergers that combined the businesses of LAN Airlines S.A. and TAM S.A. (“TAM”). Because the transaction was completed on June 22, 2012, results for the period ended June 30, 2012 include the last eight days of TAM results, from June 23 to June 30, 2012.
Net income of LATAM Airlines Group reached US$49.7 million in the second quarter 2012. Operating income reached US$23.2 million, resulting in a 1.5% operating margin for the second quarter 2012. Consolidated LATAM results include net income of US$46.3 million and an operating loss of US$13.9 million corresponding to the eight days of consolidation of TAM between June 23 and June 30, 2012. Non-operating results for this eight day period reflect a foreign exchange gain of US$57,4 million and a positive mark-to-market of fuel hedging derivatives in the amount of US$ 26,7 million, as a result of the appreciation of the Brazilian real and an increase in the price of fuel, respectively, during the last eight days of the quarter.
The second quarter 2012 presented a challenging environment due to reduced cargo demand and the depreciation of local currencies, especially the Brazilian real. However, passenger demand in most of Latin America remains solid and the successful completion of the business combination between LAN and TAM provides the Company with a more diversified revenue base and significant growth and synergy opportunities. Furthermore, the domestic Brazil market has shown sustained capacity discipline, providing the basis for improved profitability.
LATAM Airlines Group is advancing in the process of achieving the expected synergies from the business combination with TAM. Regarding its international passenger operations, the Company has established fare combinability between LAN and TAM, cross selling of LAN and TAM flights, and code shares on various international routes, such as Santiago – Orlando, Santiago – Madrid, and Santiago – London. Cross selling will assist the Company in capturing connectivity synergies by offering our customers a single network in a one- stop shop.
In July 2012, the cargo divisions of LAN and TAM were integrated, taking advantage of the highly complementary nature of their operations.
On September 4, 2012, LATAM Airlines Group will hold an Extraordinary Shareholders’ Meeting in order to reelect the Board of Directors of the Company, as well as to approve the placement, through a preemptive rights offering to LATAM shareholders, of the remaining 7,436,816 shares of the Company that were authorized for the TAM exchange offer, and that were not exchanged.
LATAM Airlines Group S.A. 2Q12
During the remainder of 2012, LATAM expects to receive 12 Airbus A320 family aircraft to operate domestic and regional routes, as well as 8 Boeing 767-300, 4 Boeing 777-300 and the first 3 Boeing 787-8 Dreamliners for long- haul routes. The Company will also take delivery of 2 Boeing 777 freighter aircraft.
LAN Airlines S.A. (renamed LATAM Airlines Group S.A.) – excluding the consolidation of TAM – reported net income of US$5.2 million for the second quarter of 2012, a decrease of 67.5% compared to the US$15.9 million reported in second quarter 2011. Operating income reached US$37.1 million, a 33.5% decrease compared to the US$55.8 million in second quarter 2011. Operating margin reached 2.6%, a decrease of 1.6 points compared to 4.2% in 2011. The Company continued to show strong passenger revenue growth, despite a seasonally low quarter, partially offsetting the impact of a more challenging environment in the cargo business, as well as the ongoing development of LAN Colombia’s operations. In addition, operating results include a one-time cost of US$7.1 million related to the successful completion of the collective bargaining process with certain unions, as well as US$9.2 million in transaction costs related to the business combination with TAM.
TAM reported a net loss of R$928.1 million, compared to net income of R$60.3 million reported in second quarter 2011. For the second quarter 2012, TAM reported an operating loss of R$284.2 million, compared to the R$8.8 million gain in second quarter 2011. Operating results were mainly impacted by a 23.0% depreciation of the Brazilian real and decreased revenues from Multiplus, resulting from accounting changes in the recognition of such revenues implemented in the first quarter 2012. Non-operating results reflect a foreign exchange loss of R$845.9 million, and the negative mark-to-market of fuel hedging derivatives in the amount of R$93.6 million, resulting from the depreciation of the Brazilian real and the decrease in fuel prices, respectively, as compared to March 31, 2012.”
Copyright Photo: Michael B. Ing. Boeing 767-316 ER CC-CEB (msn 26327) climbs away from Los Angeles International Airport on a very clear day.