7-Jul-2010 1:43 PM

Cimber Sterling revenue up 19.5% in FY2010, expects losses in FY2011 to contract further

Cimber Sterling revenue up 19.5% - financial/traffic highlights for the 12 months ended 30-Apr-2010:

  • Revenue*: EUR208.1 million, +19.5% year-on-year;
  • Operating costs: EUR133.5 million, +47.7%;
  • Labour: EUR59.4 million, +10.2%;
  • Operating profit (loss): (EUR39.5 million), compared with a loss of EUR230,617 in p-c-p;
  • Net profit (loss): (EUR30.7 million), compared with a loss of EUR7.9 million in p-c-p;
  • Passenger numbers: 2.3 million, +26%;
  • Load factor: 66%, +4 ppts;
  • Yield: EUR 11.94 cents, -53%;
  • Revenue per ASK: EUR 7.51 cents, -35%;
  • Costs per ASK: EUR 9.39 cents, -22%;
  • FY2011 forecast:
    • Revenue: EUR268.3 million, +29%;
    • Operating profit (loss): (EUR2.7 million) to (EUR10.7 million);
    • Load factor: 70%;
    • Average yield: EUR 11.27 cents. [more]

*Based on the conversion rate at EUR1 = DKK7.45391

Cimber Sterling: “The growth in passenger numbers is expected to continue in 2010/11, which was confirmed by developments of the first few months of the financial year, and the higher capacity utilisation, the efficiency improvements and the increased cost awareness will allow for a potential major increase in operating profitability. On the other hand, an appreciation of the USD and the higher fuel price may have a particularly adverse impact on our results of operations,” Company statement. Source: Cimber Sterling, 06-Jul-2010.