Vueling profits plummet in 2Q2011

Vueling revenue up 9% - financial highlights:

• Three months ended 30-Jun-2011:
  • Total revenue: EUR229.8 million, +9% year-on-year;
    • Ancillary: EUR25.2 million, +11%;
  • Total costs: EUR225.6 million, +19%;
    • Fuel: EUR66.9 million, +44%;
    • Handling: EUR33.8 million, +10%;
  • EBIT: EUR4.2 million, -80%;
  • Profit before tax: EUR5.1 million, -73%;
  • Net profit: EUR3.6 million, -73%;
  • Passenger numbers: 3.3 million, +16%;
  • Load factor: 73%, +1 ppt;
  • Average fare: EUR62.43, -6%;
  • Revenue per ASK: EUR 5.91 cents, -2%;
  • Cost per ASK: EUR 5.80 cents, +7%;
  • Cost per ASK excl fuel: EUR 4.08 cents, -0.4%;
  • Average sector length: 864 km, -2%;
• Six months ended 30-Jun-2011:
  • Total revenue: EUR356.9 million, +15;
    • Ancillary: EUR41.6 million, +4%;
  • Total costs: EUR387.9 million, +13%;
    • Fuel: EUR108.3 million, +34%;
    • Handling: EUR57.4 million, +5%;
  • EBIT (loss): (EUR31.0 million), compared to a profit of EUR8.2 million in p-c-p;
  • Net profit (loss)): (EUR19.6 million), compared to a profit of EUR7.1 million;
  • Passenger numbers: 5.3 million, +6%;
  • Load factor: 72%, +0.5 ppt;
  • Average fares: EUR58.97, -5%;
  • Revenue per ASK: EUR 5.46 cents, -2%;
  • Cot per ASK: EUR 5.93 cents, +9%;
  • Cost per ASK excl fuel: EUR 4.28 cents, +3%;
  • Average sector length: 868 km, -2%. [more]

Vueling: "In the second half of the year, the company expects to maintain a level of activity in the winter season similar to that of 2010, which would lead to a 10% increase in traffic for 2011 as a whole compared with last year. With regard to costs, the company expects to maintain a similar unit cost level to that of last year excluding fuel," Company statement. Source: Vueling, 26-Jul-2011.