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Iberia revenue up 10.2%, back to profitability in 2Q2010

30-Aug-2010 1:28 PM

Iberia revenue up 10.2% - financial highlights:

  • Three months ended 30-Jun-2010:
    • Operating revenue: EUR1,177 million, +10.2% year-on-year;
    • Operating costs: EUR1,174 million, -2.0%;
      • Labour: EUR323 million, +4.7%;
      • Fuel: EUR266 million, -8.5%;
    • Recurring EBIT: EUR3 million, compared with a loss of EUR130 million in p-c-p;
    • Operating profit*: EUR21 million, compared with a loss of EUR126 million in p-c-p;
    • Net profit: EUR31 million, compared with a loss of EUR73 million in p-c-p;
    • Passenger traffic (RPKs): -0.7%;
    • Load factor: 82.5%, +1.3 ppt;
    • Passenger yield: EUR 6.54 cents, +7.7%;
    • Passenger revenue per ASK: EUR 5.40 cents, +9.4%;
  • Six months ended 30-Jun-2010:
    • Operating revenue: EUR2,227 million, +2.8%;
      • Operating costs: EUR2,299 million, -5.9%;
      • Labour: EUR637 million, -2.0%;
      • Fuel: EUR495 million, -14.7%;
    • Recurring EBIT (loss): (EUR72 million), compared with a loss of EUR277 million in p-c-p;
    • Operating profit (loss)*: (EUR50 million), compared with a loss of EUR274 million in p-c-p;
    • Net profit (loss): (EUR21 million), compared with a loss of EUR165 million in p-c-p;
    • Operating cash flow: EUR186 million, compared with a negative cash flow of EUR111 million in p-c-p;
    • Passenger traffic (RPKs): -0.9%;
    • Load factor: 81.7%, +2.8 ppts;
    • Passenger yield: EUR 6.43 cents, +3.0%;
    • Passenger revenue per ASK: EUR 5.25 cents, +6.7%;
    • Operating costs per ASK: -1.6%;
    • Total assets: EUR6,001 million, +18.9% when compared with period ended 31-Dec-2009;
    • Cash and cash equivalents: EUR615 million, -30.6% when compared with period ended 31-Dec-2009;
    • Total liabilities: EUR4,047 million, +15.8% when compared with period ended 31-Dec-2009. [more]

*Includes non-recurring items

Iberia: “The main risk Iberia faces is still the pace of economic recovery. Macroeconomic indicators in the first half of 2010 confirmed expectations of an overall recovery, albeit mixed, across the various regions. According to the latest IMF World Economic Outlook (WEO) update, world growth is projected at 4.6% in 2010, an upward revision of about half a percentage point from the April WEO. Growth is expected to remain robust in Asia, Latin America and the Middle East, but less so in the advanced economies of Europe and the North Atlantic. Meanwhile, financial turbulence in the euro area in the second quarter has undermined prospects and caused confidence over economic growth in the coming months to wane. For Spain, the IMF expects it will come out of recession more slowly than other large economies, estimating a 0.4% contraction in GDP this year … total capacity is forecast to increase 5.4% (with larger rises in freight than passenger capacity), boding well for further increases in load factors. However, the outlook could be undermined by a faster resurgence of capacity, threatening yields, or cost pressures arising from political or labour disputes,” Company statement. Source: Iberia, 27-Aug-2010.