Good result, especially after some years of losses.
It's good news that Martinair managed to return to profitability.
Hope they can maintain or improve this profitability.
Here's the Pressrelease from Martinair (www.martinair.com):
Schiphol, March 5, 2003.
Martinair generated a net profit of € 3 million in 2002. This represents a year-on-year improvement of € 16 million (2001: € 13 million loss).
Martinair's operating result for 2002 amounted to € 23 million (2001: minus € 1 million). While the operating result for the first half of 2002 only amounted to € 1 million (2001: minus € 13 million), a result of € 22 million (2001: € 12 million) was achieved for the second year-half.
The improvement in the operating result can be attributed to Martinair's cargo operations. The number of revenue cargo ton kilometers increased by 3% in comparison with 2001. Revenues from passenger operations lagged behind those of 2001. This came partly as a result of declining lease operations for third parties. The consequent increase in capacity could not be sufficiently utilized within European charter operations. Revenue passenger kilometers fell by 13% to a level of 708,922. Cost savings were achieved in 2002 for both cargo and passenger operations, partly due to lower jet fuel prices and a more favorable dollar exchange rate than in 2001. Additionally, efficiency gains were achieved.
At the end of 2002, after completion of the lease term, a Boeing 767 used for passenger operations was returned to the lease company.
In 2003, the fleet will be expanded with the addition of a Boeing 747/300 freighter for utilization in cargo operations and two Airbus 320 aircraft for deployment in the European charter market.