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Vueling improves Q1 gross result by ?23.3m

23rd April 2009 - 09:30 GMT | by The Shephard News Team


Vueling Airlines has reported that it improved its gross results by €23.3 million, with an earning before tax result of showing a loss of €9.0 million and a gross margin of –12.2%, compared to the result of a €32.4 million loss and a margin of –36.0% the same quarter of 2008.

Revenue per passenger grew by 10.8% to €68.55, which resulted in the revenue per flight growing by 13.8% to €8,192. Seat-load factor went up by 1.3 percentage points to 66.6%, the first increase in the last five quarters, in spite of Easter not being held this quarter as it did in 2008.

Ancillary revenue per passenger grew by 22.6% to €10.19, driven by the better response on several products: XL seat and seat assignment, hotel bookings, and baggage fee. Ancillary revenue already makes up 14.9% of Vueling’s total revenue.

Travel agent sales represented 23.8% of Vueling’s revenue, reaching a total of €17.6m, €8.3m up from 1Q08, thanks to a rollout of sales through Amadeus from June and through Galileo since September.

The overall cost base was reduced by 2.8% to 5.58 eurocents per ASK, thanks to a 36.9% drop in fuel costs, from 1.60 eurocents per ASK in 1Q08 to 1.01 eurocents in 1Q09. Fuel-cost reduction saved the company €9 million during the quarter.

Vueling says it has turned a profit since the restructuring plan was deployed in July 2008, with an EBIT result of €3.3 million for the July 2008-March 2009 period.

The Shephard News Team


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