Russia is set to significantly increase its expenditure on defence and national security according to a draft 2023 to 2025 budget.
Frontier announces operating profit, net loss for January 2009
Frontier Airlines Holdings has filed its Monthly Operating Report for January 2009. The company reported an operating profit of $2.8 million and a consolidated net loss of $27.9 million for the month.
Excluding reorganisation items and mark-to-market fuel hedge transactions, Frontier would have reported an operating loss of $0.4 million and a consolidated net loss of $2.8 million.
The January results included: reorganisation costs of $28.3 million, the majority of which consisted of unsecured claims allowed by the court; a realised loss of fuel hedge contracts of $4.3 million partially offset by a mark-to-market gain of $1.1 million on fuel hedging activity
; mainline capacity reduction of 13.3% year-over-year; mainline unit cost excluding fuel (CASM ex-fuel) at 6.03 cents, down 8.1% from the previous year; mainline total unit cost reduction of 20.1% versus previous year; mainline passenger revenue (PRASM) increase of 1.1% over the previous year; and mainline total unit revenue (RASM) increase of 4.4% compared with the previous year.
"A third straight month of solid financial performance shows we are charging in the right direction," said Frontier president and CEO Sean Menke. "We have significantly reduced our costs excluding fuel on a year-over-year basis by 8.1% despite a significant drop in capacity. This, coupled with a productive increase in our unit revenue and lower fuel expense, helped us perform exceptionally well in a seasonally slow month with the backdrop of a weakening economy. We are now focussed on securing the necessary financing to facilitate our emergence from bankruptcy later this year."
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