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30/03/2004
Virgin Express reports 19.6m euro loss
Virgin Express has revealed a 19.6 million euro net operating loss for 2003 - which the Brussels-based airline has blamed on "heavy ticket discounting".
Executive Chairman David Hoare also pointed to "challenges" resulting from the Iraq war and price cutting against rival Ryanair that saw revenue per available seat kilometre plummet 21%.
Virgin Express reported a fall in revenues of 9% in 2003, down to 207 million euro from 227 million euro in 2002, but said that operating costs had been "well controlled" in the period.
Mr Hoare said: "Despite these challenges we continue to offer our customers superb value for money.
"In 2003 we carried 2.5 million passengers on our scheduled routes, 5% more than last year and we remain the largest intra-European passenger carrier from Brussels Airport. We fly from Brussels to 16 major cities around Europe flying over 65% of the passengers to Barcelona, Malaga and Nice, and over 45% of the passengers to Lisbon, Rome, Athens and Geneva.
"We pride ourselves on delivering industry leading punctuality. Over the full year we achieved an ontime arrival performance of 93.4%. In November 2003 we were voted the 'Best Short Haul Airline of the Year' by the Belgian trade, for the second consecutive year."
Today's loss statement comes four years after a radical restructuring of the airlines operation saw an exit from charter operations and an Irish subsidiary. The airline also halved its fleet and focused operations on Brussels.
Talks are ongoing over the possible merger of Virgin Express and SN Brussels Airlines (SNBA) following the signing of a non-binding letter of intent on March 16.
(SP)
Executive Chairman David Hoare also pointed to "challenges" resulting from the Iraq war and price cutting against rival Ryanair that saw revenue per available seat kilometre plummet 21%.
Virgin Express reported a fall in revenues of 9% in 2003, down to 207 million euro from 227 million euro in 2002, but said that operating costs had been "well controlled" in the period.
Mr Hoare said: "Despite these challenges we continue to offer our customers superb value for money.
"In 2003 we carried 2.5 million passengers on our scheduled routes, 5% more than last year and we remain the largest intra-European passenger carrier from Brussels Airport. We fly from Brussels to 16 major cities around Europe flying over 65% of the passengers to Barcelona, Malaga and Nice, and over 45% of the passengers to Lisbon, Rome, Athens and Geneva.
"We pride ourselves on delivering industry leading punctuality. Over the full year we achieved an ontime arrival performance of 93.4%. In November 2003 we were voted the 'Best Short Haul Airline of the Year' by the Belgian trade, for the second consecutive year."
Today's loss statement comes four years after a radical restructuring of the airlines operation saw an exit from charter operations and an Irish subsidiary. The airline also halved its fleet and focused operations on Brussels.
Talks are ongoing over the possible merger of Virgin Express and SN Brussels Airlines (SNBA) following the signing of a non-binding letter of intent on March 16.
(SP)
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Airline sector exhibits first signs of recovery in traffic
Tentative signs of recovery in the airline sector have been bolstered by British Airways’ decision to restore part of its transatlantic services. From April, BA is to reinstate its transatlantic Concorde flights during the week, which will see Heathrow-US air traffic levels back to normal after the events of September 11.
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