Airberlin (airberlin.com) (Berlin) and Etihad Airways (Abu Dhabi) will integrate their Boeing 787 Dreamliner fleet affecting 56 firm aircraft according to a report by Reuters. Airberlin says this will save millions of dollars for both airlines. On the financial side, Air Berlin PLC issued this report for the first quarter:
Air Berlin PLC has realized a group revenue of EUR 761.8 million ($1 billion) in the first quarter of 2014 as compared to EUR 791.9 million ($1.08 billion) in the first quarter of 2013. Due to the shift of Easter business to April, revenue decreased by 3.8 per cent during the first quarter in 2014.
The operating result (EBIT) amounted to EUR -182.8 million (a loss of $176.5 million) in the first quarter of the current year as compared to EUR -188.4 million (-$258.3 million) in the prior year’s quarter.
Compared to the same quarter of the previous year, EBITDAR decreased from EUR -31.5 million to EUR -37.0 million. The financial result amounted to EUR -30.5 million as compared to EUR -25.0 million in the previous year.
Pre-tax earnings in the first quarter of 2014 amounted to EUR -213.4 million after EUR -213.4 million in the same quarter of the previous year. The net result in the first quarter of 2014 amounted to EUR -209.8 million (-$287.6 million) after EUR -196.3 million (-$269.1 million) in the corresponding quarter in 2013. Earnings per share based on an average number of 116,800,508 shares outstanding in the first quarter of 2014 thus amounted to EUR -1.80 compared with EUR -1.68 in the first quarter of 2013 (basic and diluted)
As of March 31, 2014, Air Berlin’s total assets amounted to EUR 2,032.2 million (December 31, 2013: EUR 1,885.5 million), its total equity amounted to EUR -399.1 million (December 31, 2013: EUR -186.1 million) and its net debt amounted to EUR 801.1 million (December 2013: EUR 796.0 million).
The airline commented on its first quarter results:
Airberlin’s operating result for the first quarter of 2014 in a difficult market environment with high pressure on capacity utilization and yield was slightly better than that of the previous year. In particular, the effects of the Turbine turnaround program led to a clear cost reduction. As a result, Airberlin was able to reduce the cost per available seat kilometer (CASK), excluding fuel cost, by 8.2% over the corresponding quarter of the previous year. In this manner, especially aircraft costs and airport infrastructure costs were reduced due to productivity increase and by renegotiating better terms and conditions for leasing contracts. Due to the Easter travel not starting until April, total sales for the first quarter decreased by 3.8% to EUR 761.8 million (previous year: EUR 791.9 million). Revenue per available seat kilometer fell to 6.54 Eurocents (previous year: 7.10 Eurocents). airberlin’s operating loss (EBIT) for the first quarter slightly decreased by 3% to EUR -182.8 million (previous year: EUR -188.4 million).
Copyright Photo: Javier Rodriguez/AirlinersGallery.com. Boeing 737-86J D-ABKK (msn 37753) arrives in Palma de Mallorca (PMI) in the special “35 years – The way to your heart” color scheme.