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Cimber Sterling's operating losses narrow in FY2011

11-Jul-2011 11:59 AM

Cimber Sterling reported a slight improvement in operating loss from DKK228 million (EUR30.6 million) in FY2010 to DKK200 million (EUR26.8 million) in FY2011 ended 30-Apr-2011 attributable to a 25% year-on-year growth in sales revenue to DKK1940 million (EUR260.1 million) and a 26% increase in passenger numbers (Reuters, 08-Jul-2011). The LCC is targetting DKK2100 million (EUR281.5 million) in revenue and operating losses between DKK20 million (EUR2.7 million) and DKK60 million (EUR8.0 million) in FY2012.

* Based on the conversion rate EUR1 = DKK7.45919

Cimber Sterling: “Throughout 2010/11 we were forced to cut operating profit expectations and were in addition hit by not insignificant events. The development was highly unsatisfactory, and at the end of the financial year it was clear that the company's equity capital was lost. It is, as the wording goes, expensive to be poor, and that has placed Cimber Sterling in a negative spiral," Company statement. Source: Reuters, 08-Jul-2011.