Friday, December 10, 2010

“Adria on its deathbed”

Minority shareholders call for Adria’s CEO to resign
A group of minority shareholders have written a scathing letter to Adria Airways’ CEO, Tadej Tufek, calling for his resignation and urging for a swift company restructuring plan, the “Žurnal24” newspaper reports. The letter states that Adria Airways ended 2009 with a 14 million Euro loss. The airline also reported losses in 2005 and 2008, while it ended 2006 and 2007 with a marginal profit. The letter reads that the airline has already registered a 7 million Euro loss in the first half of 2010. “The numbers speak for themselves and Adria requires a restructuring plan. Otherwise, its days are numbered”, the memo states.

Shareholders have blamed Adria’s management for a lack of vision and holds them responsible for their inability to restructure the company. They accused CEO Tadej Tufek and the President of the Board of Directors, Maks Tanjikar, of bad management and highlighted that both are members of the ruling political party. “Adria is on its deathbed while the same management team is at the saddle”, the letter states.

Meanwhile, Adria has received a major blow after the largest Slovenian bank, NLB, rejected to issue a multi million Euro, short term, loan to the national carrier. The bank itself is a 7% Adria shareholder.

The Slovenian national carrier today launches flights from its new base in Priština. By the end of October 2010 the airline carried some 1.026.016 passengers, up on last year’s result.

10 comments:

  1. With a new start, the first thing they need to work on is the salaries of the pilots and flight attendants and their duty times.

    A senior flight attendant earns more money than a dispatcher who s education is on engineer level...

    And old captains fly monthly about that what the old Swissair captains were flying before SR got grounded.... they have salaries of easy 10000 EUR per month

    anyway there is so many trouble spots, i can t add them all here..

    They already pay wages too late..

    ReplyDelete
  2. Dear JU520,

    I would like to know approximately what where/are SR/JP monthly duty times of pilots and flight attendants, if you could be so kind and more precise.

    What about other carriers, especially ex-Yu?
    Does not it depend on the tzpe of aircraft as well?

    Thanks.

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  3. Even the best performing 'showpony' of exYU airlines isn't immune from corruption, lack of business sense and knives drawn it seems...

    JP have done well for quite some time, and geographic advantage will serve them well into the future (assuming they keep flying).

    Could a factor be the extra costs of paying off too many new aircraft?

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  4. In accordance with the adopted strategy of the company, a strategic partner should have to provide money to strengthen the current target markets between Athens, Vienna, Milan, Italy and the Adriatic Sea. Strategy is to launch new hubs in the Balkans - first in Pristina this December, than from Belgrade and Skopje next year.

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  5. I admit that Adria's flight attendants are one of the best looking out there but having a higher salary than a dispatcher with engineering education is a bit unfair. In a country where average salary is about 800 EUR, pilots' salaries of 10.000 EUR seem to be out of touch with reality as well. I hope the current management is replaced soon with someone more competent and without political ties to the government.

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  6. JU520, you are wrong about the salaries, CRJ captain has around 3500 netto salary, which is low. Stw has around 1000 netto and stw which are not hired but are taken via student work they get around 500€.

    About duty times, they work like any other workers, 40 hour per week! So what wuld you change????

    Some instrucotrs get waaaaay to much, that is reality, but none of the "old" captain get 10 000 per month (not the last year) and even this was brutto not netto salary (netto in slo is cca 50% of brutto).

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  7. Can you update the list with new routes as ryanair is going to fly to zadar from 27th march. I know they have been flying on this seasonal route but can you include this or atleast include a little news story

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  8. Aviation world on Balkans has not assimilate on new standards: working maximum hours for minimum salaries...3500 eur is a good amount (do not compare with LH, please) and times from ex-yu won't come back ever!

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  9. I will double check with JP internal staff to get u the right picture.
    JP is not paying that bad salaries, they had pilots on the CRJ200 from the States and Spain and guess what they don t come to Slovenia for a butterbread..

    What is already unhealthy and I can confirm as I have access to their flight planning system. The usage of their aircraft (flight block hours) on some aircrafts is very unhealthy. Some days an A319 flies one route or even no route. And one thing I know for good is, that aircrafts not up in the air, are a bad sign.....

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  10. Adria flying captains etc. are paid too much because AND they fly TOO litle.
    It's the system to have many workers and many people on the pay list. But the printing money season has gone it's not Jugoslavia anymore.

    ReplyDelete

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