Vueling Q2 operating profit drops 80%

London
Source:
This story is sourced from Pro
See more Pro news »

Spanish carrier Vueling has revealed an 80% drop in operating profit for the second quarter of 2011 in comparison to the same period in 2010.

The carrier's earnings before interest and taxes fell from €21.2 million ($30.7 million) in the second quarter of 2010 to €4.2 million this year, a situation it attributed to the sharp increase in the price of oil.

As a result, Vueling's net profit for the quarter fell by 73% to €3.6 million.

Total revenue for the quarter rose by 9% to €230.8 million. The number of flights operated by the carrier grew by 14.4% year-over-year. Passenger numbers for the quarter were up 16% to 3.28 million, while load factor rose 1.3 percentage points to 73.3%.

During the rest of the year Vueling said it envisaged greater consolidation in the markets in which it operates and that it would benefit from the Spain-Europe market growth. It said it expected to maintain a level of activity in the winter season similar to that of 2010.