Losses propelled by crises around the world and high oil prices
Austrian Airlines Group has posted a 2011 first-half operating loss of €63.1 million ($89.8 million), which is a slight improvement on its €68.7 million operating loss for the first six months of 2010. Revenues fell by 0.7% to €1.02 billion. Andreas Bierwirth, executive board member at the group, attempted to explain the result: “We had to deal with a lot of unexpected events.”
A fifth of the carrier’s capacity was tied to destinations hit by crises during the first six months of the year, he said, and capacity to destinations in North Africa and Middle East tumbled by 40%. High fuel prices, the disasters in Japan, unrest in the Middle East, currency exchange fluctuations and new taxes heaped €100million in costs on the Lufthansa Group subsidiary’s books.