Airline Code [AUA]
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Tags :Continental Europe, Austrian Airlines
Despite the increasing challenging market environment an expected positive development of the financial performance was seen in the second quarter 2008 compared with the first quarter.
In the second quarter of 2008, EBIT totalled EUR 25.5m, up 12.8% from last year. EBIT was EUR -24.6m in the first half-year, compared to EUR 10.1m in the previous year due to the negative impact of the first quarter.
The net profit climbed to EUR 11.7m in the second quarter, up from EUR 7.7m in the same period of the previous year. This development partially compensated for first quarter results. Nevertheless, the net result for the first half-year 2008 totalled EUR -48.7m, compared to EUR -8.6m in the first six months of 2007.
Flight revenue increased by 3.6% in the second quarter of 2008, to EUR 642.1m. Total flight revenue was slightly down 1.5% in the first six months, to EUR 1,142.5m, due to the redimensioning of the long-haul segment in 2007.
Operating revenue in the second quarter improved by EUR 20.0m, to EUR 682.8m. The relatively weak performance in the period January-March led to an overall slight decline in operating revenue of 1.5% in the first half-year 2008, to EUR 1,226.2m.
Total cash and cash equivalents as at 30-Jun-08 were at EUR 231.4m, disposable securities stood at EUR 93.9m, summing up to EUR 325.3m. The equity ratio increased to 26.3% as at 30-Jun-08 (30-Jun-07: 24.7%). At present the company can confirm the earlier forecast, and expects a net result for the 2008 financial year ranging from EUR –70m to EUR –90m.
(c) Centre for Asia Pacific Aviation. Date posted: 29-Jul-08
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Austrian Airlines reports positive development in the second quarter 
