In ongoing difficult market conditions, SN Brussels Airlines has posted another positive end year result. SN has concluded 2004 with a net profit of 1,04 million euro compared to a net result of 0,6 million euro in 2003. "Given the dramatic increase in fuel prices and the highly competitive market environment these results are encouraging", says Chief Executive Officer Peter Davies.

SN Brussels Airlines has generated 656 million euro revenue from all its activities. This is an increase of 12, 2 pct compared to 2003. SN Brussels Airlines has welcomed 3,58 million clients on its own flights and on the flights operated by its partners. The load factor increased from 57,2 percent in 2003 to 61,2 percent in 2004 and direct employment was provided for 2.152 people.

On the European network 2,87 million passengers were welcomed. This is an increase of 9 percent compared to 2003. The network expanded with five new own operated services (Moscow, Saint Petersburg, Istanbul, Porto and Naples) the expansion took place without adding extra aircraft to the fleet. Thanks to the code share policy of the Network Department, SN was able to increase its destinations portfolio whilst limiting the risk of overcapacity on certain routes. Agreements of this kind with other airlines allowed SN in 2004 to offer its clients new partner services to Malta, Oviedo, Sofia and Bucharest. By the end of the year SN Brussels Airlines offered direct services to 57 destinations in Continental Europe.

The African network achieved excellent results despite the unstable situation in some countries. More than 357.499 clients (plus 7,9 pct.) were welcomed on board our Airbus 330-300 aircraft SN operates on the routes between Brussels and 14 African destinations.

Our cargo activities also contributed highly to our positive result and especially to our African routes profitability. 17.000 tons of cargo & mail were shipped to/from Africa.

SN remained one of Europe's most punctual airlines and was voted best short haul airline - Europe by Sktrack last year.

On the cost side SN, suffered from a dramatic increase in jet fuel prices only partly offset by the passenger fuel levy. A provision for exchange rates fluctuations relating to our aircraft fleet has influenced our results with almost 10 million euro.

Starting 2nd of June this year, SN Brussels Airlines will connect the European Capital daily with Glasgow in Scotland. Also 3 popular summer destinations will be introduced to the network. During July and August SN will operate new direct services to the European Capital of Culture Cork (Ireland), Jersey (Channel Islands) and Bari (Southern Italy). All 4 flights have good onward connections to other EU flight destinations operated by SN Brussels Airlines.

[Edited 2005-03-18 11:16:13]