17-Mar-2011 4:00 PM
Cimber Sterling drops to seven-month low on loss forecast
Analysis
Shares in Cimber Sterling plummeted 13% in trading yesterday, as the carrier announced it expects to make a loss of DKK125 million-145 million for FY2010/11. Cimber Sterling reported a EUR15.8 million loss for the three months ended 31-Dec-2010, reversing the EUR12.8 million profit it achieved in the previous corresponding period.
Revenue at the carrier rose 18%, but this was more than matched by the 29% increase in operating costs. Fuel costs rose 41% and the carrier was also affected by the harsh European winter weather.
Cimber Sterling financial highlights for the three months ended 31-Dec-2010:
- Revenue*: EUR53.0 million, +18% year-on-year;
- Operating costs: EUR38.7 million, +29%;
- Fuel: +41%;
- Operating profit (loss): (EUR19.7 million), compared with a loss of EUR14.7 million in p-c-p;
- Profit (loss) before tax: (EUR21.1 million), compared with a loss of EUR16.8 million in p-c-p;
- Net profit (loss): (EUR15.8 million), compared with a loss of EUR12.8 million in p-c-p;
- Passenger numbers: 426,000, +21.0%;
- Load factor: 61%, +5 ppts;
- Yield: EUR 16.22 cents, +27.4%;
- Revenue per ASK: EUR 9.65 cents, +35.8%;
- Cost per ASK: EUR 12.20 cents, +23.0%;
- Total assets: EUR135.6 million, -7.0%;
- Cash and cash equivalents/securities: EUR603,313, -93.9%;
- Total liabilities: EUR127.9 million, +18.2%.
* Based on the conversion rate EUR1 = DKK7.45881
Selected EAD daily share price movements (% change): 16-Mar-2011
