Best quarter in company history – Improved revenue and reduced expenditure
In the third quarter of 2008, Air Berlin increased its operating income by 57 percent over the corresponding quarter of the previous year. Net profit increased by 43.2 percent. This was the first quarter ever, in which turnover exceeded EUR 1 billion. „This is the best quarterly result in our company history,“ stated Air Berlin’s CEO Joachim Hunold.
The efficiency program decided on by the Board of Directors in the spring of 2008 is bearing fruit. Although the number of passengers transported in the third quarter decreased from 8.8 (Q 3/07) to 8.6 million due to the elimination of unprofitable flight routes, revenue per available seat kilometre increased from 6.64 to 7.66 Eurocents, i.e. an increase of 15.3 percent. Turnover increased from EUR 978 to EUR 1,062 million, i.e. an increase of 8.6 percent. Air Berlin’s EBITDAR (Earnings before interest, leasing expenses, depreciation, amortization, interest and taxes) increased from EUR 177.7 to EUR 209.7 million, i.e. an increase of 18 percent. Due to increased revenues and reduced expenditures, Air Berlin’s EBIT (Earnings before interest and taxes) increased to EUR 89.1 million (Q 3/07: EUR 56.8million), i.e. an increase of 57 percent. Net consolidated income improved from EUR 31.9 to EUR 45.6 million, i.e. a 43.2 percent increase.
Furthermore, the accumulated figures for the first nine months of the year show a clear performance improvement. Over the first nine months of 2008, Air Berlin transported 2.9 percent more passengers (22.1 million) than in the corresponding period of the previous year. Fleet capacity utilization increased from 77.7 to 79.2 percent, i.e. an increase of 1.5 percentage points. Turnover increased from EUR 2.424 to EUR 2.586 billion. EBITDAR increased from EUR 331.6 to EUR 383.1 million, i.e. an increase of 15.5 percent. Accumulated EBIT reached EUR 35.1 million (Q 3/07: EUR -9.5 million).
Over the first nine months of 2008, the cost per available seat kilometre (CASK) increased from 4.69 to 5.10 Eurocents, i.e. an increase of 8.8 percent. The largest share of this increase was due to the rise in fuel prices, fuel now making up 30 percent of the cost per available seat kilometre, as compared to 26 percent in 2007.
On the occasion of the presentation of the Quarterly Results, Air Berlin’s CEO Joachim Hunold stated in Berlin on Thursday: „Despite the difficult market environment for the airline sector, Air Berlin’s performance was exceptionally good. We have done our homework and have delivered the figures we had promised to our shareholders. I am still anticipating a positive operating income for 2008.“ In view of the imminent global recession, it is still too early to make a forecast for 2009.
Photo: Air Berlin
