Air Berlin Posts Wider Loss In Q2; Sales Down 9.4%

(RTTNews) - Air Berlin PLC (AIBEF.PK) reported a net result in the second quarter of 2016 of a loss of 89.1 million euros compared to a loss of 37.5 million euros in the corresponding quarter in prior year. Loss per share was 0.82 euros compared to a loss of 0.37 euros. Operating result (EBIT) was a loss of 62.7 million euros compared to a loss of 15.9 million euros, in the prior year's quarter.

Group revenue was 970.6 million euros in the second quarter compared to 1.07 billion euros, in the second quarter of prior year. The Group said capacity cuts and adverse geopolitical events in the competitive European market during the second quarter of 2016 led to the 9.4 percent decrease in sales.

Revenue per available seat kilometre, or RASK, decreased in the second quarter of 2016 by six percent, reaching 6.78 euro cents from 7.20 euro cents. Unit costs decreased by 3.3 percent in the second quarter of 2016. Load factor decreased by 0.4 percentage points to 81.6 percent. Sold seat kilometres (RPK) fell by 4.1 percent to 11.69 billion. In the second quarter, airberlin offered 14.32 billion available seat kilometres (ASK), a decrease of 3.7 percent over last year.

Looking forward, Air Berlin said the ongoing pressure on RASK caused by the highly volatile and weak market environment will impact its third quarter of 2016.