Edition 1504
08 December 2018
Edition: 1504

Read this week's issue online exactly as it appears in print.

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SATA Internacional loss to shrink up to 50% in 2019

by TPN/Lusa, in News · 11-10-2018 09:33:00 · 0 Comments

The premier of Portugal's Azores region said on Wednesday that SATA Internacional, the international arm of region-owned airline group SATA, should next year reduce its losses by between 40% and 50%, while SATA Air Açores, whose aircraft ply routes within the archipelago, would break even.

SATA Internacional loss to shrink up to 50% in 2019

 

In comments to regional public television channel RTP Açores, Cordeiro said that the expectation was that SATA Air Açores would have "a balanced result" next year, "that in 2020 it will continue on that course, [and] that SATA Internacional in 2019 will reduce significantly, in the order of 40 to 50 per cent, its losses, that it continue on that course of recovery in 2020, and in 2020 or 2021 might also have balanced results,” said Vasco Cordeiro, who is also regional leader of the Socialist Party.

 

The region's premier made the comments two days after the SATA group announced a second-quarter loss of €38 million, having already lost €14.5 million in the previous quarter. SATA Internacional - which operates the Azores Airlines brand - accounted for €28 million of the €38 million, while SATA Air Açores lost some €3.7 million.

 

The group last year suffered the largest loss of its history, at €41 million - almost three times larger than the 2016 loss, of €14 million.

 

Cordeiro told RTP that the company's board of directors were working in several areas to turn the financial situation around, including a restructuring plan involving bank finance and an operational overhaul of SATA Air Açores and SATA Airlines.

 

He said the crisis the flag carrier faced was “similar to the situation facing many other airlines in the world” and said it was down to both internal and external factors.

 

Loftleiðir Icelandic, part of the Iceland's Icelandair group, in July submitted a non-binding proposal to buy 49% of SATA group's shares, but no final decisions have yet been taken in this process, the group's chief executive, António Luís Gusmão, said on 13 September.

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Edition 1504
08 December 2018
Edition: 1504

Read this week's issue online exactly as it appears in print.

Twitter

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