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SunExpress reports year-to-date revenues of EUR255 million: Europe LCC Share Wrap

Analysis

Turkish LCC, SunExpress, reported revenues of EUR255 million in the first seven months of 2010, attributable to a 22.7% jump in passenger numbers to 3.6 million during the period. In the month of Jul-2010, the carrier registered a 29.6% rise in passengers to 736,000.

Summary
  • SunExpress, a Turkish LCC, experienced a 22.7% increase in passenger numbers in the first seven months of 2010, resulting in revenues of EUR255 million.
  • In July 2010, SunExpress saw a 29.6% rise in passengers, reaching 736,000.
  • SunExpress is the market leader in charter flights between Germany and Turkey and one of the largest scheduled carriers between Europe and Southern Turkey.
  • Norwegian Air Shuttle and Vueling saw their shares rise by 2.5% and 2.4% respectively in the European LCC market.
  • Ryanair and easyJet experienced more modest increases in their share prices, at 0.9% and 0.3% respectively.
  • Air Berlin, Cimber Sterling, and Dart Group saw declines in their share prices, with Air Berlin experiencing a 0.3% decrease.

The carrier stated it has handled approximately 18 million passengers on more than 155,000 services since its foundation in Oct-1989 as a subsidiary company of Turkish Airlines and Lufthansa. Today, SunExpress is the market leader in charter flights between Germany and Turkey as well as one of the largest scheduled carriers between Europe and Southern Turkey.

Also in the European LCC market, shares in Norwegian Air Shuttle gained 2.5% yesterday, while Vueling rose 2.4%. Ryanair and easyJet increased 0.9% and 0.3%, respectively, while Air Berlin declined 0.3%. Cimber Sterling and Dart Group also fell by 1.4% and 0.8% respectively.

Selected LCCs daily share price movements (% change): 16-Aug-2010

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