Slovakia Low-Cost Airline Sky Europe Reports Further Loss
Saturday November 29th, 2008 / 11h52
VIENNA (AFP)--Slovakian budget airline Sky Europe reported a further drop in full-year results with a loss of EUR59.4 million euros, compared to EUR24.07 million last year, preliminary figures showed. The low-cost airline also saw negative underlying earnings, as measured by earnings before interest, tax, depreciation and amortization, at EUR56.1 million for the full year ending on Sept. 30, according to the figures published late Friday. In the 2006-2007 financial year, Sky Europe had registered negative earnings of EUR20.9 million. Revenue meanwhile was up 10.5% to EUR260.9 million, from EUR236.2 million last year. The losses were due to high fuel costs and poor global economic conditions while the company underwent restructuring, Sky Europe said in its preliminary report. This included consolidating its bases in Vienna, Bratislava and Prague as well as eliminating less-regularly used routes, which impacted passenger growth, it added. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=0JBT6WDJjl8kMJqat75yDA%3D%3D. You can use this link on the day this article is published and the following day.
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