Cimber Sterling reports losses despite 16% jump in revenue in 3QFY2010
Cimber Sterling revenue up 16% - financial highlights for the three months ended 31-Jan-2010:
- Revenue: EUR45.2 million, +16% year-on-year;
- EBITDAR (loss): (EUR7.5 million), compared to a profit of EUR7.9 million in the previous corresponding period;
- EBIT (loss): (EUR14.7 million), compared to a profit of EUR3.3 million in the previous corresponding period;
- EBT (loss): (EUR16.8 million), compared to a profit of EUR2.1 million in the previous corresponding period;
- Net profit (loss): (EUR12.8 million), compared to a profit of EUR1.6 million in the previous corresponding period;
- Passenger numbers: 495,633, +26%;
- Load factor: 58%, stable;
- Revenue per ASK: EUR 7.53 cents, -47%;
- Cost per ASK: EUR 10.08 cents, -24%;
- Yield: EUR 12.90 cents, -48%;
- Revised FY2010 Forecast:
- Revenue: EUR207.7 million to EUR215.7 million, down from the previous forecast of EUR225.1 million to EUR231.9 million;
- EBIT (loss): (EUR26.9 million to EUR29.6 million), compared to the previous forecast of (EUR8.1 million. [more]
*Based on the conversion rate at EUR1 = DKK7.44
Cimber Sterling: "As a consequence of the intensified competitive situation, it has been decided to optimise capacity utilisation and reduce the activity level to 23 aircraft units in own production, down from a previously expected level of 28 aircraft units. It is expected that two regional CRJ200 jets will be returned to the owner in late April; Boeing 737 nos. 7 and 8 will not be leased, and one turboprop ATR72, which is currently leased out, is expected to remain on lease instead of being deployed in own production in late 2010. The substantial optimisation of Cimber Sterling's traffic programme for the summer of 2010 is expected to result in an increase in the number of seats offered as well as the ASK by more than 20% as compared with the summer of 2009," Company statement. Source: Cimber Sterling, 17-Mar-2010.