Restructuring efforts intensify as Air Berlin 3Q earnings fall sharply
Air Berlin plc, Germany's second largest airline group, reported a sharply weaker result in its seasonally-strong third quarter, with operating income cut almost in half to EUR96.8 million. The airline continues to be squeezed by rising costs in its core German market, and demand and revenue weakness in major holiday markets abroad. The result was the airline's worst summer performance since the depths of the financial crisis in 2008, and the airline has announced ambitious cost and debt reduction targets in the face of expected ongoing demand weakness.
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