SWISS reports first-half loss of CHF 333
From
http://www.swiss.com
Swiss International Air Lines generated total income from operating activities of CHF 2 098 million in the first six months of 2003 and reports a net loss of CHF 333 million for the period. The CHF 133 million net loss posted for the second quarter of the year was an improvement on the CHF 200 million net loss sustained in the first three months. The better performance helped produce a first-half result which was also an improvement on the CHF 447 million net loss sustained for the first six months of 2002.
The cost economies already initiated – some of them as early as winter 2002/03 – are now beginning to bite. The liquidity of the SWISS Group (including three-to-twelve-month fixed-term deposits) stood at CHF 811 million at the end of June 2003 (com-pared to CHF 913 million at the end of March). [...]
[...] A CHF 333 million first-half loss
SWISS’s earnings from operating activities show a loss of CHF 346 million for the first six months of the year. With financial expenses of CHF 25 million and financial income of CHF 40 million (the latter deriving from currency-exchange gains and interest on liquid funds), the financial result contributed a profit of CHF 15 million to this first-half performance. Income taxes – paid on profits achieved by subsidiary companies – amounted to CHF 2 million. As a result, the first six months of 2003 produced a net loss for the period of CHF 333 million.
The exceptional costs which are being incurred as a result of the restructuring activities cur-rently under way are not included in the present half-yearly results. These non-recurring costs have been budgeted at around CHF 200 million. This amount includes the leaving set-tlements associated with the out-of-court agreement recently concluded with a section of the pilot corps, the costs arising from “Sozialplan” severance benefits packages and early re-tirements, and the additional costs incurred through the early withdrawal of equipment from the aircraft fleet. These provisions will be shown at the end of the second half of 2003, when they will be included in the consolidated financial statements for the year as a whole.
SWISS’s first-quarter results were adversely affected by the lingering global economic re-cession, the sizeable uncertainties in the period leading up to the hostilities in Iraq and the lower travel volumes during the conflict itself. Revenues in the second quarter were severely depressed by the outbreak of SARS, and are substantially below budgeted projections. [...]
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That's good news...Swiss has reduce its losses from 450 to 333 million CHF (Swiss Francs)
Hope the best for the future, and I hope Swiss will enter OneWorld...
Patrick.
http://www.geocities.com/swissair_man/index.html
(Two new web pages: Swiss main Airports and Swiss Travel Offices...and also a new forum about aviation in general and of course about Swiss Int'l Air Lines)
