Alitalia eyes profit return, Hogan sees 'sexiest' airline

(ANSA) - Rome, January 20 - Alitalia President Luca Cordero di Montezemolo said Tuesday that the industrial plan of the new company formed after the airline's tie-up with Etihad aims to "take the firm to profit in 2017". Montezemolo was presenting the plan after a board meeting on Monday.
    The new Alitalia will be the world's "sexiest" airline after its tie-up with Etihad, James Hogan, who is Etihad's CEO and vice-president of the Italian airline, said. "Alitalia will be the sexiest company," Hogan said. He added that Etihad intends to be a "long-term" investor in Alitalia. "We wouldn't have embarked on this initiative if we weren't aiming for it to be profitable," he said.
    Hogan was also upbeat about the prospect of Alitalia making up for the jobs it had to shed as part of restructuring in the merger.
    "New business will automatically create new jobs," he said.
    On Monday Alitalia's board of directors approved the 2015 budget, at the end of Montezemolo's first meeting as president.
    But budget targets have been revised, said the former Ferrari and Fiat chief.
    Alitalia was rescued by a massive injection of funds last year by its new partner Etihad Airways.
    A new business plan was also discussed while outside, about 50 laid-off workers of the airline protested, carrying banners and signs.
    Etihad, based in the United Arab Emirates, demanded cuts of 2,250 jobs in exchange for its 387.5-million euro investment and 49% stake in Alitalia.
    The Italian government has said it has found ways to re-employ at least half of the affected workers.
    The former national airline, once known as Alitalia CAI has become Alitalia SAI - Società Aerea Italiana - with a greater focus on promoting tourism and trade in Italy, officials have said.
    Under the deal finalized in August, the new Alitalia is expected to show a profit of 108 million euros in 2017, based on forecasted earnings of 3.7 billion euro, the airlines said in December.
    That is projected by the companies to rise to a profit of 212 million euros in 2023 and earnings of almost 4.5 billion euros.