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 | Royal Jordanian open for merger bids  | |
MENAFN -
- 02/04/2012
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(MENAFN) Royal Jordanian Airlines is seeking to merge with a larger carrier is, as high fuel prices, competition from local rivals and a sluggish economy squeeze earnings, Bloomberg reported.
CEO Hussein Dabbas said that the company has no concrete plans for a transaction, but it sees consolidation as a must.
In March, IATA expected RJ's earnings this year to fall by 62 percent to USD3 billion this year, equal to a 0.5 percent margin.
RJ reported USD82 million loss last year compared to USD13.5 million profit in 2010, affected by by the ongoing political unrest in the region and stiff competition from Gulf-based rivals including Emirates, Etihad Airways and Qatar Airways.
Royal Jordanian joined Oneworld, which includes AMR Corp.'s American Airlines, in 2007, becoming the first Middle Eastern recruit to one of the three global groupings.
Willie Walsh, CEO of International Consolidated Airlines Group, the parent of British Airways, has said he's eager to expand the company and that mergers will most likely happen between existing alliance partners.
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