Austrian Airlines generates operating loss

Austrian Airlines Boeing 767-300ER
Austrian Airlines Boeing 767-300ER (© Austrian Airlines)

Austrian Airlines generated an operating loss of minus EUR 7 million in the first nine months of the current 2014 financial year. The sharp decline in earnings compared to the previous year (Q1-3 2013: EUR 19 million) can be mainly attributed to the non-recurring effects related to balance sheet recognition of severance payments for the flight crew of Tyrolean Airways.

It was recently announced that the airline reached a basic settlement on a new collective wage agreement with the Works Council for the flight and cabin crew. This stipulates, amongst other things, the transfer of flight operations and employees from Tyrolean Airways to Austrian Airlines.

Operating expenditures could be held stable in the first nine months of 2014 at EUR 1,648 million, despite the one time expenditures in context with severance payments (1-9 2013: 1,648 Mio. Euro).

Total operating revenues fell slightly by 1.6 percent in the first nine months of 2014 to EUR 1,641 million (Q1-3 2013: EUR 1,667 million). The operating results of Austrian Airlines as at September 30, 2014 amounted to minus EUR 7 million compared to the prior-year operating profit of EUR 19 million.

In the first nine months of 2014, 8.7 million passengers flew with Austrian Airlines, comprising a marginal rise of 0.6 percent from 2013. Austrian Airlines adjusted its flight offering to weakening demand in Europe, but simultaneously succeeded in achieving growth by adding a new destination in the USA and thus expanding its North Atlantic flight service.

Capacity measured in available seat kilometers (ASK) was raised by 4.6 percent. As a consequence, capacity utilization further improved by one percentage point, from 78.8 to 79.8 percent.

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