French investigators are to handle the downloading of flight-recorder data from the Pakistan International Airlines Airbus A320 which crashed in Karachi on 22 May. The cockpit-voice recorder has been located, days after the flight-data recorder was retrieved, French investigation authority BEA states. BEA says it has received a request from Pakistani authorities to “repair” the recorders and handle data download operations in France. French representatives from Airbus and engine manufacturer Safran are supporting the Pakistani-led inquiry into the crash involving flight PK8303 from Lahore. Preliminary evidence strongly indicates the aircraft touched down with its landing-gear either retracted or only partially deployed, resulting in damage to the engines from runway contact and a loss of power during the subsequent attempted go-around. Pakistani investigators have yet to release any formal details of initial findings on the accident. Only two of the 99 occupants survived.

Source: Cirium

All Nippon Airways' parent company has decided to undertake a fresh round of debt financing from the Development Bank of Japan, amounting to Y350 billion ($3.3 billion). The agreement is subject to a 29 June borrowing deadline and the debt financing will be repaid over the long term, "determined by negotiation with the lender", ANA Holdings said in a 28 May statement. This is based on the company's financing plan for the current financial year ending 31 March 2021, approved at a 28 April board meeting. ANA says: "Though the consolidated forecast of the company for [the financial year ending 31 March 2022] is yet to be determined at the present time while it is unknown when the outbreak of coronavirus will end, the impact of this financing on the business results for the current year is expected to be minor." In the recently concluded financial year, the company carried on its balance sheet Y843 billion of interest-bearing debt, which has a 6.5-year repayment period against operating cash flows. This was Y789 billion in the preceding year, with a 2.7-year repayment period.

Source: Cirium

Kenya Airways pre-tax losses deepened to KSh13 billion ($120 million) for the year ending December 2019 despite increasing passenger levels and revenues. The SkyTeam carrier lifted revenues 12% to KSh128.3 billion. That was in part due to a 7% rise in passenger numbers to 5.1 million, during a year in which the carrier added flights Geneva, Rome and Malindi. The airline also brought two Boeing 787-8s, which had been sub-leased to Oman Air, back into service. This contributed to a 15% increase in its ASK capacity. The carrier says the return to service of the two Dreamliners, together with costs associated with the new routes and frequencies, contributed to an increase costs of 12%. But a move to IFRS 16 accounting standards increased its overall financing costs, which jumped 76%. “Despite the tough market environment, Kenya Airways is in the process of recalibrating its business to create a model that is agile, responsive, and even more relevant to the market. We are making positive strides and we will not lose focus on our picture of success which we are working towards,” the carrier’s chairman Michael Joseph says. The deeper loss comes even before the impact of the coronavirus crisis. The airline’s new chief executive Allan Kilavuka, who took the helm in February, says: “Going forward, it will not be business as usual as the aviation industry will see significant changes as a result of the Covid-19 pandemic. ”We therefore must stay ahead of the curve to ensure we are ready to create many opportunities for growth and leverage all the others that come our way.”

Source: Cirium