Eurofly flies. SAS, Air France-KLM rise strongly on quiet day in Europe - Share Wrap

Eurofly (shares +16.2% yesterday), the Turin-based trans-Atlantic low cost operator, rose on a better-than-expected 2008 result.

SAS (+9.0%) recovered some lost ground after a negative outlook last week and Air France-KLM (+8.5%) each also showed good gains as European markets thought they saw some glimmers of hope in financial results in the banking sector. (UK markets were closed for the day).

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Europe selected airlines daily share price movements (% change): 04-May-09


The large niche carrier - now operating 35 aircraft and recently acquired by the Meridiana Group, exploits the large US-Italian population.

Its shares showed a strong gain yesterday after reporting a 14.3% increase in revenues for 2008 to EUR368.3 million. A reduced loss, of EUR18.5 million, against EUR21.8 in 2007, encouraged investors. EBITDAR was EUR36.2 million, up 16.4% on 2007. Eurofly commenced New York-Naples, Palermo and Bologna service in 2005, adding Rome in 2006 and later Pescara and Lamezia Terme.