ATW Daily News

Air Berlin doubles third-quarter profit

Wednesday November 18, 2009

Air Berlin posted a €95.2 million ($142.4 million) profit in the third quarter, more than double the €45.1 million reported in the year-ago period, thanks in part to reduced foreign exchange losses and €20 million in proceeds from payments on a convertible bond.

Revenue fell 8.2% year-over-year to €974 million "due to planned capacity reductions," AB said yesterday, but operating profit rose 33.5% to €118 million from €88.4 million in the 2008 third quarter.

"Despite the remaining risks with respect to the economic environment and the development of the economy, Air Berlin confirms its previous forecast that it will achieve a better operating result than in 2008," it said. EBIT was €14.2 million last year. Full third-quarter results are scheduled to be released Thursday.

In October, AB's unit revenue dropped 1% year-over-year to €6.13 cents. It transported 2.7 million passengers during the month, down 0.9%, against a 1.2% cut in capacity. Load factor rose 0.2 point to 80.2%.

by Brian Straus

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