Singapore-based low-cost airline Tiger Airways (SIN:J7X) booked S$28.2 million net profit for the fiscal year ended March 31 2010, representing a S$75.7 million turnaround from a net loss of S$50.8 million in previous year. The strong annual result was supported by a 28.6 per cent revenue growth and a 53.8 per cent increase in passenger numbers.
Egyptian Resorts Company (CAI:EGTS), Egypt's leading master developer of mega communities, announced today its consolidated results for the first quarter of 2010, reporting a net loss of EGP 2.9 million on revenues of EGP 4.4 million. By comparison, ERC reported profit of EGP 9.5 million in the first quarter of 2009 on revenues of EGP 6.7 million, bolstered by lower depreciation charges and substantial foreign exchange gains. Profits in the quarter just ended were impacted by both a 34.3% drop in revenue and a sharp 675% rise in depreciation costs to EGP 3.2 million on the back of infrastructure and network assets capitalized last year.
Egyptian Resorts Company (CAI:EGTS), Egypt's largest master developer of mega resort communities, and Orascom Development Holding (SIX: ODHN:SW) announced today that they had concluded an agreement under which Orascom Development and Management (ODM), a subsidiary of global powerhouse Orascom Development Holding (ODH), will manage the development of the Marina at Sahl Hasheesh.
Virgin Blue Holidngs (ASX:VBA) and Air New Zealand (NZE:AIR) confirmed that the two carriers have been in ongoing discussions for several months regarding commercial cooperation on Trans Tasman markets, but no agreement has been reached.
South Korea's biggest airline Korean Air Co. (SEO:003490) Wednesday posted a record first-quarter operating profit as economic recovery helped to increase outbound travel and cargo business. Operating profit for the three months ended March 31 jumped to KRW220.2 billion from KRW6.6 billion a year earlier.
Egyptian Resorts Company (ERC) (CAI:EGTS) announces consolidated revenue of EGP 25.7 million and consolidated earnings before tax of EGP 8.1 million compared to EGP 347.7 million and EGP 345.9 million respectively for the previous year.
Team Trev is set to go global, announcing their partnership with international press carrier ABN Newswire last week.
