ITA Airways sale: negotiations with Lufthansa continue. Accounts in the black for the first time in 20 years
Day after day, rumors are intensifying that the negotiations between MEF and [...]
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Day after day, rumors are intensifying about a Increasingly convinced advancement of negotiation between MEF and Lufthansa for the sale of shares in ITA Airways. After the change of course with the farewell to the U.S. investment fund Certares and the abandonment of MSC is Lufthansa to pursue the negotiations alone.
Better-than-expected revenues at ITA Airways.
"We anticipate that passenger revenues in 2022 will exceed the value expected in the budget, taking into account the reduction in capacity offered compared to forecasts due to the geopolitical environment, and the increase in destinations is further evidence that in order to achieve our goals we need to focus on long-haul connections. For the first time in the last twenty years of the Italian flag carrier, revenues exceed costs. There has been a lot of focus on costs. The fuel increase, of 107%, only impacted 55-60% of the accounts, the rest was offset by higher revenues and cost savings."
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Thus stated Fabio Maria Lazzerini CEO of ITA Airways, commenting on the opening of sales of the two new intercontinental routes planned for next summer to San Francisco and Washington. The two new intercontinental destinations will be operated on San Francisco with the Airbus A350, the company's flagship, on Washington with the Airbus A330 and are in addition to ITA Airways' flights to New York, operated from both Rome Fiumicino and Milan Malpensa, and those to Boston, Miami, Los Angeles, Sao Paulo, Buenos Aires, Tokyo, New Delhi and Malè (Maldives) operated from Rome Fiumicino.
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ITA Airways' expansion on long haul is one of the main pillars of the flag carrier's strategy, as it not only drives profitability but simultaneously increases short haul, helping to double the capacity of the intercontinental network.
Lufthansa's entry in stages
Lufthansa, Austrian and Swiss queues.
As was the case when the German group took over Austrian and Swiss, a step-by-step entry is also planned with ITA Airways. The German company will enter Ita's capital through a capital increase that the Italian government will reserve for it, and then it will have the option to take over the rest of the shares upon the occurrence of certain operating results.
The new routes to the U.S.
Roma San Francisco which will operate from July 1 to July 30, 2023 with 3 weekly frequencies every Tuesday, Saturday and Sunday with departure from Rome Fiumicino Airport at 9:35 a.m. and arrival at San Francisco International Airport at 1:15 p.m., local time. From August 2 to October 28, 2023, the operation will be every Wednesday, Thursday, Friday, Saturday and Sunday.
On the other hand, operations from San Francisco will run from July 1 to July 30, 2023, with 3 weekly frequencies every Tuesday, Saturday and Sunday departing at 3:15 p.m. and landing at Rome Fiumicino at 12:15 p.m., local time. From August 2 to October 28, operations will be every Wednesday, Thursday, Friday, Saturday and Sunday.
The other destination is to Washington-Dulles. which will operate from June 2 to July 2, 2023 with five weekly frequencies every Monday, Thursday, Friday, Saturday and Sunday with departure from Rome Fiumicino Airport at 10:20 a.m. and arrival at Washington-Dulles International Airport at 2:20 p.m., local time. From July 4 to July 30, 2023, operations will be every Tuesday, Wednesday, Friday, Saturday and Sunday. From August 1 to October 28, 2023, however, the operation will become daily.
Instead, operations from Washington will run from June 2 to July 2, 2023, with 5 weekly frequencies every Monday, Thursday, Friday, Saturday and Sunday departing at 4:20 p.m. and landing at Rome Fiumicino at 7:05 a.m. From July 4 to July 30, 2023, the operation will be every Tuesday, Wednesday, Friday, Saturday and Sunday. From August 1 to October 28, 2023, on the other hand, the operation will become daily.