Jungfrau Railways carries more guests in the first half of the year
Published: Friday, Aug 30th 2024, 07:50
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The Jungfrau Railway Group transported more guests to the Jungfraujoch in the first half of 2024. However, the company was unable to beat the record profit from the previous year.
From January to June, 460,500 visitors came to the Jungfraujoch, as the Group announced on Friday. This is almost 10 percent more than in the previous year. However, this was still 2.8 percent below the last pre-corona year 2019. Transport revenue thus rose by 5 percent to 99.1 million francs. Total operating income (including restaurants, etc.) amounted to 141.8 million, an increase of 7 percent.
Nevertheless, Jungfrau Railways did not achieve the record profits of the previous year. The operating result (EBITDA) was 1.7 percent lower at 62.0 million. The corresponding margin fell from 47.6 percent to 43.7 percent. The bottom line was a 0.9 percent lower profit of 34.5 million.
The mountain railroad was thus able to slightly exceed analysts' expectations in terms of operating income. Operating and net profit, however, remained slightly below forecasts.
Higher costs reduce profit
The number of visitors to the Jungfraujoch increased, not least thanks to more guests from the USA and India. China and Japan, on the other hand, fell short of expectations.
Growth continued on the Experience Mountains. The number of visitors rose to 17.7 million. This is a good 35% more than in the previous year and almost double the figure for 2019.
However, the overall increase in guest numbers also led to additional jobs and higher wage costs. Together with higher operating expenses, this reduced profits, it was reported.
Lower winter sports sales
In winter sports, the Group recorded the same number of skier-days in the first half of the year as in the previous year. However, the Jungfrau Railway Group's proportionate transport revenue fell by 4.1 percent.
The company cites the promotions in Switzerland as the reason for the decline. Season ticket holders also used their ski passes more frequently. Added to this were the uncertain weather conditions with storms and frequent periods of bad weather at weekends.
Stable outlook
The trends of the first half of the year continued in the peak season months of July and August, even though the Olympic Games in Paris made themselves felt. Many Asian tour operators did not receive any quotas for Paris and therefore postponed trips to Europe until the fall or another year.
Overall, the Group now expects stable development in the second half of the year. However, the environment remains characterized by uncertainties over which the company has no influence: The war in Ukraine, the Middle East conflict and global economic, price and currency developments.
On Thursday (yesterday), the company announced that Oliver Hammel will succeed Urs Kessler as CEO. He will take office in the first half of 2025.
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