Corsair takes stock of an “intense” year

Despite everything, he is pleased to see from Corsair that the stock of reservations for September 2022 is up 37% compared to September 2019, “with an even stronger dynamic for the Indian Ocean and Reunion”. “We remain vigilant but we are continuing our momentum: we have not seen consumers’ appetite for travel come to a halt”.

Of course, Pascal de Izaguirre did not escape the question on the current prices of plane tickets. Based on the study made by the Directorate of Civil Aviation (DGAC) he clears his company, recalling that the latter has played the game of promotions in recent months and that the average price of a flight Reunion / Paris or Reunion /Paris “was only up 1% from August 2019”. “Currently, with Corsair you can buy round-trip tickets at 648 euros including tax (…) It is on medium-haul flights that fares have increased the most, unlike long-haul flights and in particular destinations prices have therefore increased but moderately compared to the surge in fuel oil and the depreciation of the euro against the dollar”explains Pascal de Izaguirre, adding that fuel oil alone accounted for almost 44% of Corsair’s expenditure in July 2022 “against 27% excluding the crisis”.

If he aspires to get out of this crisis quickly, Pascal de Izaguirre nevertheless looks to the future with optimism. Proof of this is with the renewal of part of its fleet, made up of 5 new Airbus A330 Neo. After the signing last July of 4 new aircraft (delivery scheduled for 2024), Pascal de Izaguirre has already announced that Corsair will eventually have the fleet “the youngest in the world”. “This fleet will be less than two years old and the aircraft that make it up will benefit from much better environmental performance in terms of fuel or noise reduction. (Editor’s note: 25% reduction in fuel consumption and CO2 emissions per seat and 60% reduction in noise footprint) but also the most comfortable”, he wishes to recall.

Corsair still open to a partnership with Air Austral

What to wring the necks of “rumors” on Corsair’s finances. “We have no cash flow concerns”insists Pascal de Izaguirre who returns to the conciliation procedure filed by his company with the Pointe-à-Pitre commercial court. “We had loans from the State during the health crisis. I want to restructure Corsair’s balance sheet, which involves renegotiating a certain number of loans. As a reminder, we had not benefited from any waivers debt. And in this context, the best thing is reconciliation”he says.

Asked about the abortive merger between Air Austral and Corsair, the CEO of the latter assures that it is not “A suprise”. “We have worked on the subject but it is regrettable today that we have worked for not much”, confesses Pascal de Izaguirre. He pursues : “I proposed to Marie-Joseph Malé (Editor’s note: ex-CEO of Air Austral) a joint venture between our two companies, everything was ready and we were then told to put ourselves on standby. For reasons of its own, the Region has withdrawn, everyone is making a living. But I am always open to working in partnership with Air Austral”.

Despite this first snub, Pascal de Izaguirre is certain: the same scenario will happen again in the future. “I think consolidation makes sense and it’s inevitable. I remain convinced that the “small” companies alongside Air France will eventually have reliability problems. Today, this opportunity has not been made. but I am sure that in the long term this rapprochement will be inevitable”; he concludes.


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