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FINANCIAL NEWS
Etihad-backed Air Berlin profit to surge by 2016
13 Nov 2014
(MENAFN) Etihad-backed Air Berlin announced it has registered a decline by 35 percent in its profit during the third quarter of this year to reach USD93.33 million, compared with USD144.06 million registered during the same period last year, Arabian Business reported.
The carrier, which is 29-percent owned by Abu Dhabi-based Etihad, has said it registered USD18.69 million in restructuring costs and that it is planning an a new phase of restructuring for the company, which should result in improving its profits by USD498 million by 2016.
Air Berlin, Germany’s second largest airline, said that part of its restructuring plan will involve shaking up its route network, shutting down some crew bases and streamlining its fleet.
Despite already cutting 850 jobs, the carrier also said that it was in talks with labor representatives over cutting other administration and ground staff jobs, which would result in reducing the number of staff by 200 people.
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