An interesting article 111kab but what it fails to acknowledge is that the airline has been a part of the Mantegazza cash machine and not its own profit centre.
It was never designed to make a proper profit but merely to pay inflated prices for leasing, engineering, insurance and whatever else they could find to launder money back to Lugano.
Throughout my time with the company it has always made the same amount of profit ,a modest sum that kept the Inland Revenue happy and the company below the radar, so that the real money could disappear elsewhere.
In the late 1990s there was a profit share scheme for employees with the possibility of bonuses if profit triggers were reached. It was a scam for the company to pay less tax and of course those targets were never reached.
it will be interesting to see how the company performs when we no longer have any link to the Mantegazzas but my colleagues and I feel sure that there will always be some link to them. I expect the B737s to be delivered to a Mantegazza leasing company in 2018 with profits from the leases paid to them and Greybull.
The article makes some positive statements about costs and revenue growth and this is very encouraging considering that the company is still using 1970s business practices and technologies in its operations.
The family's latest cash vehicle is Avalon Cruises:
http://www.avalonwaterways.com/River-Cruise-Ships/