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Cimber Sterling flies with heavy losses

Wednesday, 14 March 2012
The Danish ailing airline Cimber Sterling has continued its difficult times in continued operations despite the company’s persistent fall profits. In the third quarter the company had a loss before tax of almost Dkr100 million. This means that equity is negative with Dkr82.5 million.

The deficit is after all an improvement over the previous year. Since Cimber Sterling reported a minus results before tax of approx. Dkr157 million.

Management's expectation that is the Company's director, Jan Palmer, explains in a commentary on the accounts, that the figures meet management's expectations.

“The improvement is evident to the underlining view that results are okay. But we have not yet reached the goal, a surplus and we can generate an attractive return for our shareholders,” said in a commentary by Jan Palmer.

Revenue was virtually unchanged at Dkr393 million in the quarter.

Cimber Sterling in December presented a new strategic plan, among other things, that it was going on a simpler focus of the business. This means that a domestic flight in Denmark and Sweden as well as regional traffic to and from Scandinavia becomes the core business.

In this context, the carrier has launched new routes to Vaxjo and Bromma in Sweden - and Cimber Sterling has point several new routes during the summer.

The company's new majority shareholder, Mansvell has after the accounting period made additional loans of Dkr150 millions available to the airline.

Cimber Sterling is planning to hold an extraordinary general meeting before the end of april 2012 on the recapitalization of equity.
By Team

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