Restructuring costs Austrian heavily in 2006

The restructuring of its long-haul network, lack of fuel hedges and other "extraordinary effects" created an environment in which "it proved impossible to achieve a positive result," according to Austrian Airlines Group CEO Alfred Oetsch, whose company reported a widened net loss of €49.1 million ($64.5 million) for 2006 compared to a €29.6 million deficit in 2005. Revenue rose 8.4% to €2.59 billion and expenses climbed 6.4% to €2.75 billion, narrowing operating loss ...