Flybe posts FY loss of $9.9 million
Published: June 12, 2012
Flybe E-195. Courtesy, BE
UK-based Flybe (BE) has reported a £6.4 million ($ 9.9 million) post-tax loss for the year ending March 31, compared to a £3.8 million profit for the preceding year, but expressed confidence for the future.
Revenue for the year—including new subsidiary Flybe Nordic—was £678.8 million, up 14% on last year’s £595.5 million. Revenue excluding the new venture rose 3.3% to £615.3 million. Passenger numbers rose to 7.6 million, up 5.8% on the previous year’s figure of 7.2 million.
BE, Europe’s largest regional carrier, continues to operate in a “challenging environment,” chairman and CEO Jim French said, “but is well-placed to take advantage of any improvement in the UK macro environment and has a strong platform in Europe to leverage, leaving the group strongly placed for the future.”
The airline’s major development over the past year has been the establishment of Flybe Nordic, its joint venture (JV) with Finnair (AY), which took over the former Finncomm Airlines ( ATW Daily News, Aug. 3, 2011 ). BE is flying an increasing number of AY’s short-haul services under the JV arrangement ( ATW Daily News, May 24 ).
French said BE is pleased with progress on the Finnish operation. Its increasing levels of contract flying, together with the start of a fleet renewal program—the first four Embraer E-175s of a potential 140 E-Jets arrived in the financial year—“will have a far-reaching beneficial impact on the business,” French said.