CityJet post €55.4m operating loss
In accounts filed with the Companies Registration Office for the 12 months to the end of March 2009, Air France subsidiary CityJet posted a loss of €55.4m. The loss came in spite of a 5% increase in the number of passengers carried which saw the total pass the 2m mark. The company blames the red ink on a drop off in business customers and an increase in passenger handling charges at its largest hub - London City.
Pressure on yield saw the average fare drop by 18% leading to a 4% reduction in turnover to €281.5m. When cost of sales and operating costs are taken out the operating loss amounted to €55.4m. Interest costs and a depreciation charge of €4.2m in LCY landing slots grew the total loss for the 12 months to €64.3m.