Airberlin's first 2Q profit since 2009 shows promise from its business model restructuring

Airberlin has made its first 2Q net profit since 2009, although its operating result was still negative and both its net and operating results were in loss for1H. It seems unlikely that 2014 will see a full year operating profit, but losses are at least becoming narrower. Airberlin is now seeing the benefits of its Turbine cost reduction programme and its sharper network focus.

In Apr-2014, recognising that Turbine was not enough to restore sustainable profitability, airberlin announced a more fundamental review of its business model.

This review will continue until the end of Sep-2014, but CEO Wolfgang Prock-Schauer has provided some insight into the early results of airberlin's new thinking.