Swiss with decline in earnings after nine months
Published: Tuesday, Oct 29th 2024, 09:00
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Swiss's result for the current year is down on the record year 2023. From January to September, operating profit fell by 18 percent to 505.0 million Swiss francs, as the Lufthansa subsidiary announced in a press release on Tuesday. Falling ticket prices and rising costs are the reasons for this.
The global increase in flight capacities and the associated pressure on prices had an impact on earnings. Higher wage payments and higher expenses for fees and maintenance also had a negative impact. Nevertheless, the decline in earnings has recently continued to ease. In the first half of the year, operating profit was still down by a good fifth.
At the same time, Swiss benefited from strong demand from tourists in the summer. Operating income rose by 5.7% to CHF 4.2 billion. The airline transported a total of 13.7 million passengers (+11% year-on-year) and operated more than 108,000 flights, compared with just over 97,000 in the same period last year. The aircraft were well utilized with an average seat load factor of 84.5%.
Despite declining average yields and cost pressure, Swiss is expecting a good financial year 2024. Demand for tourist travel to the Mediterranean was high during the autumn vacations from the end of September to mid-October. And with Christmas, business will pick up again towards the end of the year. However, the record result from the previous year is unlikely to be matched, it said.
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