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Alitalia airline: Financial results are in

Written by editor

ROME, Italy – The Board of Directors of Alitalia, chaired by Luca Cordero di Montezemolo, met today and approved the 2015 first half financial results.

ROME, Italy – The Board of Directors of Alitalia, chaired by Luca Cordero di Montezemolo, met today and approved the 2015 first half financial results.

The Board of Directors noted with satisfaction that the first half ended in line with the business plan forecasts.

This result was achieved despite the damage for Alitalia due to the fire that broke out on May 7 at Rome Fiumicino airport – equal to 80 million euro accrued between the second and the third quarter – as well as the effect of the suspension of the important Rome-Caracas route due to the no repatriation of USD from Venezuela.

The Board of Directors also welcomed the success of the 375 million euro bond issued by Alitalia and of the 700 million USD raised by Etihad Airways and its equity partners, of which Alitalia will receive 122 million USD.

The 2015 first half recorded a net result of -130 million euro, with only a 30 million euro increase compared to the previous quarter and with a slight improvement if compared to the budget.

During the first half Alitalia carried 10.3 million passengers with a 75% load factor.

In the period Alitalia focused its investments on the development of the long-haul services through the launch of Venice-Abu Dhabi, Milan-Abu Dhabi, Milan-Shanghai and Rome-Seoul services, on the improvement of the long-haul fleet through the introduction of two Airbus A330 aircraft, and on the launch of new services on board the aircraft. The company also unveiled its new visual identity which include, among others, the brand, the cabin design and the new livery.

While noting that the economic performance is in line with the plan, the Board of Directors confirmed the turnaround strategy and highlighted the need to carry out its implementation promptly.

Early next week the Etihad Airways partners’ top management will convene in Rome, as previously scheduled, for a further discussion and update meetings on the development of industrial synergies and the networks integration.