Flybe Group Plc (Exeter) reported a pre-tax loss for its full fiscal year of £35.6 million ($55 million) for the fiscal year ending on March 31, down from a pre-tax profit of £8.1 million ($12.5 million) for the previous fiscal year.
Flybe blamed its massive loss on having more Embraer E-Jets than it needs. It also blamed the loss of the costly disposal of its Finnish joint venture.
In other news, Flybe on June 1 opened its second base in less than a month, this time at Cardiff Airport, with passengers boarding inaugural flights to Edinburgh, Paris and Dublin as part of its extended route network that includes brand new routes to Cork, Duesseldorf, Faro, Glasgow, Munich, and Milan.
The first of the two 118-seat Embraer 195 aircraft to be based at the airport jetted into Cardiff to begin operations.
The 10-year agreement secured with Cardiff Airport creates an additional half-million extra seats for sale each year, supporting 50 new jobs that includes flight crew. Last month, Flybe opened another new two-aircraft base at Bournemouth with Bombardier Q400 aircraft.
Copyright Photo: Rob Skinkis/AirlinersGallery.com. Flybe Embraer ERJ 190-200LR (ERJ 195) G-FBEA (msn 19000029) arrives in Manchester.
Flybe aircraft slide show: