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People, Bottom Line & Book Reviews
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Bottom Line
• Rolls-Royce has announced its 1992 annual results with a pretax profit of £84m ($Al75m), down from £109m($A228m) for the previous year. Exceptional costs of £268m($A56lm), largely due to restructuring (including staff redundancies and site rationalisation) resulted in a pretax loss of £184m($A385m). • The HongKong AircraftEngineeringCompany(HAECO)has reported a 21% rise in profits, $HK387m ($A70m) after tax, with a pretax profit of $HK459m ($A83m). HAECO owns a 29% of ASTAAS. • Cathay Pacific meanwhile has posted a steady profit growth of $HK3008m($A543m) a rise of 1. 9% over the previous year figure. This result however came despite an 11. 3% higher turnover, in part caused by decreasing yield and Hong Kong’s inflation rate. Profit before tax was $HK3535m($A639m). • AWAhas posted a group interim loss for the six months ending December 31 of $4. 93m. AWA’s defence division in particular was hard hit with a loss of $4. 2m. A number of US carriers have reported massive full year losses. • Northwest, on revenue of $US8. 12bn ($All. 4bn) lost $US383m ($A537m), up from a profit of $US3. lm ($A4. 35m) in 1991. • USAir, now part owned by BA, recorded a staggering $US1. 23bn ($Al. 72bn) loss, compared to $US254m ($A356. 7m) for the previous year, on revenues of $US6. 69bn ($A9. 39bn). On revenue of $US12. 89bn ($Al7. lbn), • Unitedposted a year loss of $US956m ($A1343. 6m). • Continental meanwhile, on revenues of $US1. 35bn ($Al. 9bn) lost $US305. 7m (425. lm)for the year. • Air New Zealand has announced an unaudited consolidated net profit of $NZ60. 9m ($A45. 7m) for the six months ending December 31, an increase of 8. 7%. Revenue for the period was $NZ1. 164bn ($A874m). Abnonnalsof$NZ8. 2m($A6. 2m), mainly staff redundancies, were incurred.
People
The new Federal Government ministry sees Senator Bob Collins retain his portfolio as Minister for Transport and Communications, while Senator Robert Ray continues as Minister for Defence. Alan Terrell has resigned from the CAA board. The Qantas board has confirmed that John Ward will remain as chief executive, following fears that BA would assume the executive management. The new 12 member board now includes three BA members: Sir Colin Marshall, BA chairman, Rojer Maynard, BA’s director of corporate strategy, and Nick Tait, BA’s general manager for Australia and New Zealand. At the time of writing one board position remained to be filled. The CAA has appointed Peter Hider to the position of Project Manager of the Australian Advanced Air Traffic System (TAAATS)programme. Mr Hider was previously the Regional Secretary, NSW, for the Department of Defence. SkywestAviation has appointed Bill Rock as General Manager Operations
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