Sun Country turnaround continues with 4Q08 profit
Sun Country Airlines has announced net income of $955,000 for the fourth quarter of 2008. This compares to an $18.0 million loss in the fourth quarter of 2007 and is the airline's first profitable fourth quarter in the past five years.
“Our 2008 financial results reflect a significant improvement based upon the successful turnaround of Sun Country Airlines. This success was achieved through the hard work and dedication of our employees as well as the changes to our business model over the past several months,” said Stan Gadek, chairman and CEO of Sun Country Airlines.
“Based on current booking and revenue trends, we expect to be profitable in first quarter and full year 2009,” Gadek added. “While we were faced with numerous challenges, including record high fuel prices, we successfully positioned the company for profitability and growth going forward. We appreciate the continued support of our Sun Country customers and look forward to providing the superior level of service that Sun Country is known for.”
On a full year basis, Sun Country reported a loss of $21.4 million, compared with a $35.0 million loss in 2007. For the second half of 2008, Sun Country recorded net income of $412,000, which compares to a net loss of $ 7.8 million in the second half of 2007.
Meanwhile, the airline has announced non-stop service from Minneapolis/St Paul to Boston beginning on 1 May. The carrier will add daily flights from Sunday through to Friday during the busy summer season and will continue service until September.