London  - British budget airline Easyjet warned Thursday that rising fuel costs would result in significantly lower annual profits which it hoped to offset by cutting flights over the winter months.

Easyjet said its annual fuel costs have increased by about 185 million pounds (370 million dollars), as analysts predicted that the company's full-year earnings would be less than expected.

It predicted that annual profits could be up to 42 per cent lower than in the previous financial year.

Though high prices of crude oil has forced domestic airlines players to cut the number of flights and fleet usage, but US aircraft major Boeing is expecting export of more aircrafts to India in the coming years.

Boeing has estimated in its 20-year current market outlook (CMO) that India will need 1,001 new commercial planes worth $105 billion which is 10 per cent higher than the estimate of previous year. It has estimated 911 planes worth $86 billion in last year’s CMO.

Manila - The Philippines on Tuesday finally opened a new terminal at its main international airport after almost six years of delay due to a dispute with its builders, a German-led consortium.

A pre-dawn flight to Caticlan airport in the central province of Aklan became the first to take off from the Ninoy Aquino International Airport (NAIA) Terminal 3 in Manila.

Caticlan is a connecting point for tourists going to Boracay Island, a favourite vacation destination known for its white-sand beaches.

Authorities said the NAIA Terminal 3 would operate only partially in the next six months to one year before it shifts to full domestic and international operations.

Mumbai-based Global Vectra Helicorp, Country’s largest private sector offshore helicopter company, has entered into a two-year aviation turbine fuel (ATF) contract with Reliance Industries and ONGC to hedge its jet fuel purchases.

The Reserve Bank of India (RBI) had allowed the Indian aviation industry to hedge their ATF price risks as early as May 2007, when crude prices were trading at nearly $70 per barrel.

In the last eight months, crude prices have risen by over 70% to around $135 per barrel.

Of the global population of around 25,000 helicopters, around 200 helicopters are operating in India, of which 150 are in the non-scheduled segment.  

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