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Malév achieves revenue and passenger number targets in 1Q2010

7-Apr-2010 11:11 AM

Malév stated (06-Apr-2010) that while its operational results in 2009 were worse than 2008 levels, the airline reduced operating costs by HUF20 billion (EUR75.5 million) in 2009. The carrier commented that the operational result in 2009 was negatively affected by reduced revenue, while the major elements of the net loss derived from the cost of returning the Fokker aircraft and financial costs, such as high interest rates. The carrier added that its anti-corruption audit also "brought to light unfavourable contracts from the past, which are presently under investigation and will lead to a further reduction in costs". The carrier added that it "performed well" in 1Q2010, achieving its target figures in terms of revenue and passenger numbers (which increased 11%, or by 60,000 passengers, on a year-on-year basis). [more]

Malév: "Malév is performing better than other carriers in the region during the worst crisis the airline industry as ever experienced. While European competitors suffered an overall 7% decline in passengers Malév achieved an increase of 6%, making it one of the few airlines that could improve its figures in Europe. In the Central European region the national carriers suffered a far greater drop in yield than Malév: they generally recorded a more than 30% fall in income while the downturn in Malév revenues was less, actually 23%, in 2009. This management was the first to really start cleaning up the disorder left by the former owner and management. The forensic audit I launched last year also identified a lot of issues and contracts unfavourable to Malév; the management has taken up these issues to clear out any possible corruption from the past," Martin Gauss, CEO. Source: Company Statement, 06-Apr-2010.