Airline makes pre-tax loss of €7.7 million for year ending March 31
As it increases its presence in the Nordic market, UK-based regional airline Flybe has made a pre-tax loss of £6.2 million (€7.7 million) for the year ending March 31 – bigger than the £4.3 million loss posted for the previous year. After tax is factored in, the airline recorded a loss of £6.4 million, down from a profit of £3.8 million in 2011.
Jim French, the airline’s chairman and chief executive, admitted that the result was “disappointing”, adding that it “reflects the impact of a challenging operating environment, in particular in the UK, and major investment in our business for future growth.” He also described “significant cost increases – the annualised price of oil being the highest ever recorded in history [and] airport infrastructure costs increasing significantly above RPI.”
In May, Flybe significantly broadened its joint venture with Finnair by agreeing to take over a third of the Finnish carrier’s European routes.
[photo courtesy Flybe]