Iberia 2Q2009 revenue down 22%

Iberia revenue down 22% - financial highlights:

• Three months ended 30-Jun-2009:
  • Operating revenue: EUR1,068 million, -22.0% year-on-year;
  • Operating costs: EUR1,198 million, -12.8%;
    • Labour: EUR323.7 million, -3.6%;
    • Fuel: EUR291.1 million, -28.1%;
  • Operating profit (loss): (EUR126.4 million), compared to a profit of EUR15.6 million in the previous corresponding period;
  • Profit (loss) after tax: (EUR72.8 million), compared to a profit of EUR21.2 million in the previous corresponding period;
  • Passenger traffic (RPKs): -4.8%;
  • Load factor: 81.3%, +1.5 ppt;
  • Yield: EUR6.07, -17.1%;
  • Operating revenue per ASK: EUR 6.82 cents, -16.5%;
  • Passenger revenue per ASK: EUR 4.93 cents, -15.5%;
  • Operating cost per ASK: EUR 7.65 cents, -6.7%;
• Six months ended 30-Jun-2009:
  • Operating revenue: EUR2,166 million, -18.9%;
  • Operating costs: EUR2,443 million, -9.6%;
    • Labour: EUR650.4 million, -3.7%;
    • Fuel: EUR580.1 million, -20.8%;
  • Operating profit (loss): (EUR273.6 million), compared to a profit of EUR9.0 million in the previous corresponding period;
  • Profit (loss) after tax: (EUR165.4 million), compared to a profit of EUR20.7 million in the previous corresponding period;
  • Passenger traffic (RPKs): -7.1%;
  • Load factor: 78.9%, -0.7 ppt;
  • Yield: EUR6.24, -13.2%;
  • Operating revenue per ASK: EUR 6.98 cents, -13.4%;
  • Passenger revenue per ASK: EUR 4.93 cents, -14.0%;
  • Operating costs per ASK: EUR 7.87 cents, -3.5%. [more]

Iberia: "Against this challenging operating backdrop, the Iberia Group has implemented a Contingency Plan designed to mitigate the negative effects of these adverse factors. Among other measures, Iberia plans to continue adjusting its capacity during the second half, as traffic is expected to stay weak. Reviewing the flight programme will bring a reduction of more than 5% in total ASK vs. 2H08; capacity volume will be reduced by more than 4% on long-haul, 8.4% on international medium-haul and 4.6% on domestic routes. These adjustments will adapt to market evolution. Once the capacity review has ensured load factor stability, the company will focus its efforts on trying to halt the sharp decline in yield, and on continuing to cut all costs," Company statement. Source: Iberia, 28-Aug-2009.