Baboo declares 'promising results' for 2008
Despite an unfavourable economic environment, Geneva-based Baboo has announced positive results for the 2008 calendar year. Baboo says it achieved this strong growth "thanks to a sound expansion strategy, a strengthened management and the support from its main investor, M1 Group".
Turnover rose to CHF56 million (+87% on 2007's CHF30 million), while passengers carried went up by 75% on 2007 from 169,000 to 295,000.
The growth has taken the shape of – among others things – the delivery of three new 100-seat Embraer 190s, delivered in May and June 2008, increasing the fleet from two to five aircraft and tripling capacity from 148 to 448 seats. In addition, seven new destinations were added to the Baboo network, taking the total number of destinations to 18 (excluding charter flights).
To deal with this expansion, an intensive recruitment policy brought the airline's headcount to 200 at 31 December 2008, up from 115 staff on 31 December 2007.
The airline says that the financial crisis and the increase in the cost of fuel did affect its business activity, but not as much as that of other airlines. This, the carrier adds, is attributable to: having an up-to-date fleet of new aircraft that consume less fuel; operating flights to short-haul destinations; and having revenues in euros rather than US dollars.
“If the market so permits, a recession can generate some fine opportunities. Our small size gives us maximum flexibility and enables us to be reactive in the market. That is what will enable us to strive to achieve in 2009 the objectives that we set ourselves at the beginning of this expansion phase,” commented Jacques Bankir, CEO of Baboo.
Welcome to Episode 30 of The Weekly Defence Podcast. Listen on Apple Podcasts, Google Podcasts, Spotify and more. Sign up to an early email alert of future podcasts here.
The South Korean Ministry of National Defense's (MND) latest Defense Mid-Term Plan covering the five-year period from 2020-24 foresees an ambitious increase in spending. The ...
Lockheed Martin has been awarded a $99 million indefinite-delivery/indefinite-quantity contract for Joint Air-to-Surface Standoff Missile (JASSM) foreign military sales production support. This contract will provide ...
If Beijing’s leaders and its numerous mouthpieces are to be believed, China is a friendly and cuddly panda intent on holding the world together. Then ...
China’s shifting focus from traditional security concerns to global power competition has brought along changes in People’s Liberation Army Air Force’s (PLAAF) strategic mission.
BAE Systems has been awarded a contract to deliver Sceptre to the RAF to transform the way it plans, briefs, executes and debriefs missions on ...