Restructuring efforts intensify as Air Berlin 3Q earnings fall sharply
Air Berlin plc, Germany’s second largest airline group, reported a sharply weaker result in its seasonally-strong third quarter, with operating income cut almost in half to EUR96.8 million. The airline continues to be squeezed by rising costs in its core German market, and demand and revenue weakness in major holiday markets abroad. The result was the airline’s worst summer performance since the depths of the financial crisis in 2008, and the airline has announced ambitious cost and debt reduction targets in the face of expected ongoing demand weakness. [2090 words]
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This report contains the following subheadings:
- Revenue gains strongly in 3Q, with pax growth muted
- Cost growth the key concern
- Weak third quarter expected, but future predictions now out the window
This report contains the following charts and tables:
- Air Berlin EBIT (EUR millions) and EBIT margin: 3Q2007 to 3Q2011
- Air Berlin fare, other and total revenue (EUR millions): 3Q2007 to 3Q2011
- Air Berlin total revenue (EUR) per passenger (not to scale)
- Air Berlin RASK, CASK and yield (EUR cents): 3Q2008 to 3Q2011
- Air Berlin passenger numbers: 3Q2007 to 3Q2011
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