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airberlin notes EUR20m loss in 2Q2011 related to reduced North Africa capacity

19-Aug-2011 11:46 AM

airberlin CFO Ulf Hüttmeyer stated demand for services to the tourist destinations in Northern Africa, which are of significant importance to the company, have not recovered in the aftermath of the unrest. Mr Hüttmeyer stated the carrier usually operates 80 weekly services to Egypt, with the carrier yet to resume to this level. Overall, in 2Q2011, capacity for North Africa-bound flights was reduced by 25% year-on-year. Mr Hüttmeyer stated the loss related to this reduction alone amounted to EUR20 million for 2Q2011. This figure, together with the additional cost for the increased kerosene price of at least EUR71 million and the aviation tax of approximately EUR45 million, amounts to at least EUR136 million. [more]