So any guesses when we are going to get the next Thursday-at-closing-time e-mail that will tell us what they are doing with the accommodation and education allowances ?

Harry,

There were also many who were burned by the real estate melt down. Some had to run away from over exposure.

It was not all beer and skittles in 2009

halas

Absolutely there were, pilots et al.

While some were both greedy and naive in equal measure, buying multiple properties with cheques their accounts couldn't cash, there were a few who invested in projects cancelled or delayed. Nakheel's Palm Jebel Ali development is a case in point. Lured by the promise of government backing and financial support, the corrupt and heavily mismanaged Company turned it's back on those who'd invested in it's master project. Without cancellations and with the project still in 'discussion', the developer can delay indefinitely further work despite taking 30-50% from those already invested in that project. They pocket that money as well as write off debt from contractors and sub contractors. Then, after restructuring and re financing, Nakheel can announce record profits and continue to take further monies from investors in other projects. Finished properties are built to the lowest of standards with sub standard fittings and finishing. Their service fees are a joke, as are the services they provide for such inflated charges. They often promise greenery and landscaping and either fail to complete as per the glossy brochure or build some other monstrosity to block a premium view. The Palm Jumeriah apartments?

Sadly, there has been little to no success in the recovery of these deposits or from any legal action against Nakheel from the UAE courts.

So yes, I'm fully aware of the lack of integrity and honesty as well as the irresponsible behaviour demonstrated by the shallow and untrustworthy individuals that run these Companies. Caveat Emptor!

Harry

FFS, calm down guys, they made a profit.

Profit margin for EK was 1.5% and the group 2.6%, not great for "some" people, but not bad for a mature airline.

Break even load factor was 64.5%, in the real world that is great, go look at what other mature airlines need.

Employee cost at 14%, at most mature airlines it twice that.

As far as I can tell, they are still trying to hire pilots, and that should matter to us. Sometime you have to read between the lines, and from what I read, a lot of what they are saying is not directed to the pilots, but to the other "employees"

Remember, that

1) The so called "audit" does not follow any international accepted auditing standards like EBITDA. PwC is auditing whatever opaque internal standard EK management is putting forward. They can cook the books and show a "profit" and PwC will happily audit that; for a fee of course. For all we know they could've lost hundreds of millions of dollars. We'll never find out.

2) You (The employee) are a means to an end, not the end.

They pick big numbers and highlight them.

The published 64.5% break even load factor is for cargo, with a overall load factor of 65%. 0.5% away from making loss on cargo. Also the cargo BELF jumped 4.1% points from last years 60.4% Bad news. See page 95.

They didn't publish BELF for passenger seats.

Employee cost is 15.6% total operational cost.
Revenue per employee is the lowest in the decade, not because employees are not working hard, because they keep hiring.

So would I.

Yes, indeed.

EK has become so like CX its not funny . In fact, the comments on here so mirror those on fragrant harbour !
At least EK made a profit .

Its so ironic that CX blame , Not their 8.5 billion hk$ fuel hedging blunder, but competition from the middle east carriers eating their market share.

Aviation Managers are a breed to themselves. Im sure somehow , someway, they have all gotten together and agreed not to ever, ever raise global pilot salaries , and to continue to lower the COS bar lower each year. A bit like the banks and Libor rates. There has to be something in it !

They are a breed to themselves alright. I think the main thing they have in common is that nothing is ever their fault. Global economics, oil prices (up or down!), Trump, anything but them.

Word from across the river in Doha is they are about to announce a record profit. They must not be affected by the strong Dollar, Brexit, Trump, isis, Europe, fuel, employee productivity... ... ... :{

Little more clarity(or confusion) on the situation

Cargo load factor break even 64.5 actual 65
Passenger seat factor break even 75?? actual 75
Lease payments up by 30%

Overall ME3 March '17 load factor was 73% per The Economist.

Don't panic, we can now get the new suitcases (for 240aed each).

No Peter. If you are due a new suitcase you are issued one for free. If you feel the need to get a new one when not due, you buy one. No different to now. There are serious issues here. Don't dilute them with dribble.

Ok, I grant you, pretty minor in the grand scheme. However, I just read the FAQ, and there is no longer a standard 4 year replacement interval. You only get the new one if current one is beyond repair. Otherwise you pay.

Think my roster has wound me up too much...

Red wine helps.

C'mon Don, that was pretty funny. You can't lose your sense of humour esp. when you factor where we work.

Although not really caring that much, if you use the new uniform App, it automatically tells you when you're due a new item... including the 3 year issue of the case. Nothing has changed.

Any profit is a 'record profit' when the company has only ever run at a subsidised loss for so long!:rolleyes::rolleyes:

The (well buried) FAQs state otherwise. No more replacement interval. Only if beyond repair.

Not sure what your point is there. FR is a more profitable sustainable business.
EK has a tiny home market shared with AD and a business model based on hubbing pax via Dubai.
New generation aircraft and low oil prices are bound to put pressure on all those eggs in one basket.