Cityjet posts €51.5m loss despite passenger surge
Published 24/01/2011 | 05:00
Dublin-based airline Cityjet last year incurred substantial losses for the second year running, with pre-tax losses of €51.5m in spite of an increase in passenger numbers.
According to accounts just filed by Cityjet Ltd to the Companies Office, the airline's revenues decreased by 8pc from €281.4m to €258.9m in the 12 months to the end of March last year.
The pre-tax loss of €51.5m follows the company recording a pre-tax loss of €63.9m in 2009. According to the directors' report, "the negative result at operating level was due to the continued severe economic environment with sharp decline in business traffic and extreme volatility in oil prices and currencies".
The figures showed that the company's passenger numbers last year increased by 6.5pc to 2.1 million, while average fares dropped overall by 16pc.
The airline is wholly owned by Air France-KLM and is the largest airline operating out of London City airport.