Thank goodness for that, Air Berlin has made a profit.
After an initial public offering last May that, to put it mildly, didn’t get off to a flying start, amid some financials that revealed the German scheduled/charter hybrid was somewhat lacking on the profitability front, Air Berlin is feeling rather pleased with itself, reporting that it is now in the black: To the tune of €50 million ($66 million) at the net level.
This is on revenues of €1.57 billion in 2006, a tidy rise of 28.6% over 2005. Operating profit was €64.1 million.
Some critics are already pointing to some clever treatment of tax to create the positive result. More on this will come out after the airline’s annual general meeting at the end of March.
Following that, Airline Business will examine the airline’s past, present and future with its founder and chairman Joachim Hunold. Most probably in our May issue.