Cimber Sterling reports 3QFY2010 financial highlights

Developments in the market for air transport to and from Denmark in Q3 were less positive than expected. A competitive situation of previously unseen proportions and related pressure on fares had an adverse impact on profitability in Cimber Sterling. Revenue for the nine months to 31 January increased by 23% to DKK 1,173 million, while operating profit (EBIT) dropped to a loss of DKK 176 million (a profit of DKK 39 million in 2008/09). However, a significant increase in market share shows that Cimber Sterling did well in the competition and thus has a strong market position going forward. EBIT for FY 2009/10 is expected to be a loss in the range of DKK 200 – 220 million before IPO costs, and EBIT for FY 2010/11 is expected to be in the range of DKK +/- 30 million.