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 DoD has changed its structures and is been increasing efforts to facilitate access to loans by companies interested in working with artificial intelligence, advanced materials and semiconductors, biotechnology and quantum science.
India has approved millions of dollars in new military purchases, most of which will go to public sector companies.
The main obstacles to overcoming risks in the region are a lack of a strong cybersecurity culture and inadequate funds to invest in this domain given a widespread Chinese presence in the region.
MBDA is adapting to supply chain pressures as the Russian invasion of Ukraine leads to increased demand for armaments.
Despite the additional funding promised this week, the UK armed forces still look set to face cutbacks, and maintaining international commitments to AUKUS and GCAP may limit the options for other programmes.
This week on the Shephard Defence Podcast, senior naval reporter Harry Lye and military training & simulation reporter Norbert Neumann chat with Professor John Louth.
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