Austrian Airlines 3Q2009 revenue down 20%, loss widens

Austrian Airlines revenue down 20% - financial highlights for the three months ended 30-Sep-2009:

• Revenue: EUR557.7 million, -20.0% year-on-year;
• Operating revenue: EUR604.1 million, -15.5%;
• Operating costs: EUR667.9 million, -8.1%;
  • Fuel: EUR99.5 million, -48.8%;
  • Labour: EUR225.4 million, +76.0%;
• EBIT (loss): (EUR63.8 million), compared to a loss of EUR12.1 million in the previous corresponding period;
• Adjusted* EBIT: EUR24.0 million, compared to a loss of EUR300,000 in the previous corresponding;
• Adjusted* EBITDAR: EUR92.5 million, +11.4%;
• Net profit (loss): (EUR75.7 million), compared to a loss of EUR16.4 million in the previous corresponding period;
• Passenger numbers: 3.0 million, -8.8%;
  • Scheduled: 2.5 million, -6.1%;
    • Long-haul: 284,169, -16.5%;
    • Short/medium-haul: 2.2 million, -4.6%;
• Passenger load factor: 79.7%, +0.8 ppt;
  • Scheduled: 78.6%, +1.4 ppt;
    • Long-haul: 87.4%, +2.9 ppts;
    • Short/medium-haul: 71.9%, +1.4 ppt;
• Unit revenue:
  • Scheduled: EUR10.7 cents, -14.6%;
    • Long-haul: EUR 6.3 cents, -9.9%;
    • Short/medium-haul: EUR 14.8 cents, -20.4%. [more]

• * Adjusted by the result from the disposal of assets, other costs related the transfer of aircraft, foreign currency valuations at the reporting date, impairment of the value of aircraft, a periodic revenue and restructuring provisions

Austrian Airlines: "We do not consider Lufthansa to be a soft cushion enabling us to lay back and take it easy. We are fully responsible for the restructuring and business results of Austrian Airlines, and will optimally make use of our room to manoeuvre and the leverage at our disposal. We determinedly support the growth strategy of the Austrian Airlines Group, and will strive to generate positive operating results as soon as possible. We were too defensive for too long a time, also in respect to the action we took at our Vienna hub. Thus our goal is to expand market share and enhance our market leadership position in Vienna once again. We expect the ongoing difficult business environment to extend beyond the year 2009, featuring sustainable changes and a further consolidation in the airline sector. We have laid the groundwork for a successful future within the Lufthansa family. The growth path underlying sustainable corporate success has been clearly defined and will be pursued with determination. We believe in our success. We believe in our future," Company statement. Source: Austrian Airlines, 29-Oct-2009.