LATAM Airlines Group posted a Q4 loss but sees its business on “an improving trajectory” as it aims to exit bankruptcy court protection later this year. The Santiago, Chile-based airline says on 9 March that it ended Q1 2021 with a net loss of $2.7b, which was “heavily impacted by a valuation allowance of deferred tax assets” and reorganisation expenses. The reorganisation has been ongoing since mid-2020 when the carrier voluntarily entered Chapter 11 bankruptcy protection after the coronavirus crisis decimated demand. LATAM is “targeting to emerge from Chapter 11 during the second half of 2022”, it says. Total revenue in Q4 reached $2b, 30.5% less than 2019 levels, but 22% more than during the same quarter in 2020. Revenue “continued showing an improving trajectory”, LATAM says. For the full year, LATAM achieved $5.1b in revenue, up 18% from 2020, but still less than half of the $10.4b the airline posted in pre-pandemic 2019. “This past year was marked by continued advancements both from an operational perspective, with a significant ramp up of the group’s operations, and marked progress in LATAM’s reorganisation proceedings,” the company says. LATAM has filed a proposed reorganisation plan and implemented cost-saving initiatives.<br/>
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Philippine Airlines will add more than 1,500 international and domestic flights this month, the flag carrier says, as the nation begins receiving tourists from abroad again following a decline in COVID-19 cases. Scheduled flights will increase by more than 50%. The airline said it will step up flights serving North America, Southeast Asia, Japan, the Middle East and elsewhere while bolstering domestic service, including connections between Manila and Cebu in the central Philippines, Davao in the south and the resort island of Boracay. Philippine Airlines, which filed for Chapter 11 bankruptcy protection in the U.S. in September, is looking for a much-needed earnings rebound as international travel restrictions ease. The Philippines loosened its tight travel rules on Feb. 10 for foreign tourists who meet vaccination and other conditions. With the daily tally of new infections in the country declining to several hundred, travel restrictions around Manila and elsewhere were reduced to the lowest of five levels. "We are reasonably optimistic that air travel will rebound in the months ahead, signaling a resurgence for Philippine tourism," said Stanley Ng, who became acting president and COO at the end of January.<br/>
Vietnam’s Bamboo Airways said on Wednesday it had signed a memorandum of understanding with Lufthansa Technik for the provision of aircraft engine maintenance service, two weeks after it launched its first commercial flight between Vietnam and Europe. The MoU worth E100m would also pave the way for Lufthansa Technik to supply materials for the airline’s fleets of Boeing 787 and Airbus A320 aircraft, the company said. Bamboo Airways will sign another MoU with Air France Industries KLM Engineering & Maintenance for engine maintenance service on Thursday, it added. The airline launched its first commercial flight between Hanoi and Frankfurt late last month, and plans to operate on the Hanoi-London route from March 22, it said.<br/>
Vietnamese leisure and infrastructure investment firm Sun Group is to establish a new luxury business aviation company, offering a range of aircraft types. The company will be known as Sun Air and will specialise in private jet charter and aircraft management. Sun Air will initially operate a pair of long-range Gulfstream G650ER executive jets from Q3 of this year. Its expansion plans include introduction of a G700 – plus a helicopter and a pair of seaplanes, for tourism flights – by 2025. But the company’s five-year business strategy also features potential operations by larger models including Boeing BBJ or Airbus ACJ corporate jets. “Whether clients travel for business or pleasure, Sun Air delivers a bespoke travel service tailored to their specific requirements,” says the firm. It says there is a “booming demand” for private travel. “Launch of Sun Air is entirely in the sustainable development roadmap of Sun Group,” says chair Dang Minh Truong. “Sun Air…goes a long way towards opening the development of upmarket general aviation, a potential field in prosperous countries.”<br/>