Spain's Vueling turns in full-year profit

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Spanish low-cost carrier Vueling has posted full-year earnings before interest and tax of €71.4 million ($97.4 million), although this figure does not take into account restructuring costs.

The profit is a turnaround on the €30.6 million loss in 2008.

Vueling merged with Clickair last year and the company achieved a 36% increase in revenues to €602 million.

Its expenditure increased by only 11.3% although Vueling says the company benefited from a 31% fall in fuel costs.

Discounting restructuring costs Vueling almost broke even in the fourth quarter. The airline recorded a loss of €510,000 for the three months to 31 December 2009.

The restructuring costs are almost entirely linked to the merger and Vueling says it does not expect any restructuring costs in 2010.

Vueling's full-year pre-tax profit reached €40.2 million and it ended 2009 with a net result of €27.8 million.