Eurofly 2Q2009 revenue down 25%, loss widens

Eurofly revenue down 25% - financial highlights:

Three months ended 30-Jun-2009:

• Revenue: EUR64.3 million, -25.0% year-on-year;
• Total costs: EUR82.5 million, -13.5%;
  • Fuel: EUR15.5 million, -53.5%;
  • Labour: EUR11.0 million, +22.6%;
• Operating profit (loss): (EUR18.2 million), compared to a loss of EUR9.6 million in the previous corresponding period;
• Pre-tax profit (loss): (EUR18.9 million), compared to a loss of EUR10.2 million in the previous corresponding period;
• Net profit (loss): (EUR19.2 million), compared to a loss of EUR10.8 million in the previous corresponding period;

Six months ended 30-Jun-2009:

• Revenue: EUR146.1 million, -13.4% year-on-year;
• Total costs: EUR139.2 million, -7.8%;
  • Fuel: EUR33.5 million, -44.9%;
  • Labour: EUR20.2 million, +10.6%;
• EBITDAR: EUR4.9 million, -63.5%;
• Operating lease rentals: EUR22.8 million, +8.6%;
• EBITDA (loss): (EUR17.8 million), compared to a loss of EUR10.4 million in the previous corresponding period;
• Pre-tax profit (loss): (EUR22.6 million), compared to a loss of EUR8.6 million in the previous corresponding period;
• Net profit (loss): (EUR23.3 million), compared to a loss of EUR8.3 million in the previous corresponding period;
• Passenger numbers: 715,959, -23.4%;
  • Medium-haul: 496,332, -27.2%;
  • Long-haul: 219,627, -13.2%. [more]

Eurofly: "As a consequence of the lower than expected results in the first six months of 2009 and of the reduced operations together with lower average unitary revenue expected for the second half of 2009, the new budget for the entire year forecasts revenues of around EUR300 million, significantly lower than previously estimated. Operating and maintenance cost, fuel costs and operating leases will benefit from the planned reduction in operations and the trend in the Dollar, which will partially offset the lower revenues. Earnings from operations, broadly anticipated to break even in earlier forecasts, are now expected to be a loss of around EUR20.9 million at the end of 2009. This takes into account the extraordinary non-recurring costs of EUR3.5 million (previously calculated as at 30-Jun-2009) while the net loss is expected to be EUR27.8 million," Company statement. Source: Eurofly, 21-Oct-2009.