Alitalia, the troubled Italian national carrier, announced a pre-tax loss of 405m for 2006, a considerable increase on the 260m loss for 2005.
The airline said it also made an operating loss of 266m for the year, compared to 218m in 2005.
On the credit side, the airline said its revenues had risen by 157m (3.7%) to 4,373m.
Prof. Berardino Libonati, who has just taken over as chairman of the Alitalia board, blamed a series of factors for the increased loss.
These included the high and unstable price of fuel, partial failure to achieve cost reduction programmes, with costs falling by only 8m, labour problems which caused losses of 100m and the rise of low cost carriers in Italy.
These had increased their market presence in Italy by more than 40% since the beginning of 2005.
The board set “it should be possible” to improve on its operating figures in 2007.
The Italian Government is in the process of selling part of its stake in the chronically loss-making airline.
Amex booms in Spain
American Express in Spain handles more than $22m business in 2006 including a major growth in business from new clients.
This rose to $9.6m, a 60% increase in the figure for 2005.
Ãngel Butragueño, director general of American Express Viajes de Empresa, said: "We have been the first in the market to go beyond the traditional philosophy of agencies just arranging trips by providing all clients with a complete range of expenses management services.”
He said one of the major factors of 2006 was the company's expansion into the Asian market as well as its increase focus on consultation and the business traveller.
Mr Butragueño said objectives for 2007 were to expand into the SME and the meetings and conferences markets and to improve its use of technology to assist clients.
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