Air Transport World

Air Jamaica: America/Caribbean)(earnings)(Brief article)

Air Jamaica returned to government control in late 2004 after 10 years of private ownership left it in an untenable financial position. It has embarked on a major cost-cutting program since the Jamaican government regained ownership but the results were not yet apparent in 2005's earnings; it lost $136 million for the year and the government projects a $74 million net loss in 2006.

Michael Conway, a co-founder and former CEO of America West Airlines and defunct National Airlines, took over as Air Jamaica CEO last fall. He is overseeing a recovery program that saw some aircraft grounded in 2005 because of maintenance issues and that is expected to include jettisoning several aircraft leases this year. …

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