SkyEurope - Worryingly low cash balance of only EUR1.3 million at Sep-08, as losses deepen in FY08
SkyEurope’s net loss deepened in the 12 months ended 30-Sep-08 (FY08) to EUR59.4 million, from a net loss of EUR24.1 million in the previous corresponding period, resulting in a -22.8% net loss margin. The carrier’s base consolidation and operational restructuring plans are showing some, albeit limited, signs of progress, but surging fuel costs, weakened economic conditions and problems with the carrier’s credit card acquirer, resulting in a concerning low cash balance are hampering the airline’s turnaround and future. SkyEurope is yet to report a profit since it commenced operations in 2002.
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