ITA's finances improving, all set for Lufthansa deal, says chairman

Italy's ITA Airways is heading for a full-year profit and is in good financial shape for a planned tie-up with Lufthansa which can yield significant synergies, the Italian carrier's chairman Antonino Turicchi said in a newspaper interview on Wednesday. Lufthansa said last week it had submitted a package of remedies to the European Commission required to secure EU antitrust approval to take a minority stake in state-owned ITA, bringing it a step closer to closing the deal. Turicchi told daily Il Messaggero that the company's earnings before interest and tax stood at E40m at the end of October and would close the year in positive territory, and it had cash reserves of over E550m. "We have shown with facts that we are a competitive and profitable company," Turicchi said. Core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA) stood at E309m at the end of October, Turicchi said, an increase of 213m compared with the same period last year. He estimated synergies from the tie up with Lufthansa of E300-400m through 2027, and said the company could increase its workforce in 2025 if market trends remain positive as he expected.<br/>