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Press Release Detail
Brussels Airlines posts positive half year results
Thursday, September 09, 2004
Brussels Airlines posts a positive net result of 1,93 million euro for the first half year 2004. In ongoing difficult market conditions that force extreme vigilance on costs, the full service airline welcomed 12 percent more passengers and increased its revenue with the same percentage. “The market outlook is challenging?, says Chief Executive Officer Peter Davies.
Financial and Operational Highlights First Half Year 2004
Brussels Airlines has generated euro 286,8 million revenue in the period January-June 2004 : euro 131,29 million in Q1 and euro 155,5 million in Q2
The company has achieved an operating result of euro 3,78 million euro (operating loss of –2.6 million in Quarter 1 and operating profit of 6,39 million in Q2
) and a positive net result of euro 1,93 million (net loss of –4,47 million in Quarter 1 and a net profit of 6,41 million in Q2
The total revenue increased in the first six months of the year with 12 pct to euro 286,8 million while the operating cost remained stable at euro 283, 01 million resulting in an operating result of euro 3,78 million compared to an operating loss of euro –25.4 million during the same period of 2003. The company achieved a positive net result of euro 1,936 million compared to a net loss of euro - 23,4 million in the first six months of 2003.
During Quarter 2, total revenue amounted to euro 155,502 million. SN
is able to report an operating result of euro 6,39 million for Q2
and a positive net result of euro 6,41 million for the second quarter.
As previously announced, during the traditional weak Q1 SN
Brussels Airlines generated euro 131,29 million total revenue, a better than expected operating loss of euro – 2,6 million and a net loss of euro -4,47 million.
Expansion and service
The network expanded with new own operated routes to Istanbul, Moscow, St Petersburg, Porto and Naples. Thanks to fleet optimisation efforts all these new routes were introduced without adding extra aircraft. Contracts with tour operators in France, Switzerland, Belgium and the UK have allowed SN
to develop a strong charter activity.
Punctuality remained very high and the in-flight service was awarded the prestigious ‘Airline Excellence Award 2004’ from the well known Skytrax Research Company.
The positive results were achieved in the face of ongoing difficult market conditions. SN
is happy with the huge turnaround that was realised. “But more than ever, we have to stay with both feet on the ground?, says Chief Executive Officer Peter Davies. “There is no room for complacency in this tough industry. Fuel prices are going up so rapidly that they take out a very large part of all cost savings and revenue increases we are realising.?
The current fuel prices and the severe competition force SN
to flexibility and extreme vigilance on costs as the pressure on yields is high. Peter Davies: “Although we have realised an encouraging half year profit, our profit margin is still small and the market outlook is challenging. We continue to build a solid base for our further development and that will require continuous efforts from all our employees.?
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