CityJet lost E30m last year as airline expanded
CityJet lost E30m last year as the airline expanded and invested in new aircraft to meet the demands of new business. The carrier has switched its focus from scheduled services to wet leasing, providing craft and crew to fly services on behalf of other airlines. The company has said that it lost E30.2m before tax in 2016, driven by a once-off cost of E8.4m, mostly from buying new aircraft, and a foreign exchange loss on financing of E13.1m. Revenues rose 20% to E198.2m last year from E165.1m the previous year. CityJet’s operations – its day-to-day business – lost E1.8m. Executive chairman Pat Byrne said that CityJet expected cash flows to strengthen next year. “We should have profits worth writing home about in 2019,” he added. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-10-06/unaligned/cityjet-lost-e30m-last-year-as-airline-expanded
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CityJet lost E30m last year as airline expanded
CityJet lost E30m last year as the airline expanded and invested in new aircraft to meet the demands of new business. The carrier has switched its focus from scheduled services to wet leasing, providing craft and crew to fly services on behalf of other airlines. The company has said that it lost E30.2m before tax in 2016, driven by a once-off cost of E8.4m, mostly from buying new aircraft, and a foreign exchange loss on financing of E13.1m. Revenues rose 20% to E198.2m last year from E165.1m the previous year. CityJet’s operations – its day-to-day business – lost E1.8m. Executive chairman Pat Byrne said that CityJet expected cash flows to strengthen next year. “We should have profits worth writing home about in 2019,” he added. <br/>
