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AUA

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Share Name Share Symbol Market Type
TSXV:AUA TSX Venture Common Stock
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Austrian Air 3Q Net Loss Widens As Sales Drop, Revamp Weighs

29/10/2009 8:17am

Dow Jones News


Adanac Molybdenum Corporation (TSXV:AUA)
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Austrian carrier Austrian Airlines AG, or AUA (AUA.VI), Thursday said its net loss widened considerably in the third quarter of 2009 as a decline in passenger numbers and restructuring costs burdened the bottom line.

The carrier, which was recently acquired by Deutsche Lufthansa AG (LHA.XE), didn't provide full-year guidance, but maintained its previously stated target of producing a positive cashflow in 2010.

The third-quarter net loss came to EUR75.7 million, compared with a loss of EUR16.4 million a year earlier. Sales fell to EUR557.7 million, from EUR697.2 million.

Austrian Airlines, which has struggled with high fuel prices and declining passenger figures lately, didn't provide specific information on the one-off charges incurred in the third quarter. For the first nine months, however, special charges, which included impairment losses on aircraft and restructuring provisions, totalled EUR191.6 million.

Excluding these special items, tax and interest, Austrian Air's earnings swung to a profit in the quarter, it said. Core earnings came to EUR24 million, up from a loss of EUR0.3 million a year earlier, mainly helped by extensive cost cut measures across the company.

-By Flemming E. Hansen, Dow Jones Newswires; +43 1 513 69 22 10; flemming.hansen@dowjones.com

 
 

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