Half a billion losses for Ita Airways

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On Tuesday, Ita cited the aftermath of the corona pandemic, rising fuel costs as a result of the Ukraine war, and a weak euro-dollar rate as reasons for the red numbers.

Ita generated sales of 1.576 billion euros in 2022 and expects revenue growth in 2023 as more destinations will be served and the fleet will increase, according to the announcement. Overall, Italians carried just over ten million passengers on nearly 97,000 flights last year.

Lufthansa has been meeting with the Ministry of Economy and Finance in Rome for months to join state airlines. The German group and ministry are close to an agreement, after a statement of intent was signed in late January, the newspapers “La Republica” and “Corriere della Sera” reported on Wednesday. The contract can be signed in the coming days.

According to media reports, Lufthansa initially intends to acquire 40 percent of the shares in Ita and at a later stage the majority. Frankfurters want to establish themselves in the important market beyond the Alps. The Italians hope for greater economic security from the crane airline and, for example, the improvement of the airports in Rome and Milan, which could become hubs for routes to Africa and South America.

Once a contract is signed, it must be checked by national and European competition authorities. According to media reports, the partial takeover could be completed in the summer.

(SDA)

Source :Blick