Cimber Sterling drops to seven-month low on loss forecast


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

Want More Analysis Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More