Cimber Sterling wins market shares and strengthens capital base

Cimber Sterling continued its high level of activity in Q3 2010/11 and passenger numbers grew by 21%. However, the early onset of winter and the surging fuel costs had an adverse impact on earnings. Revenue rose 18% to DKK 395 million in Q3 2010/11, while the Company posted an operating loss before special items of DKK 97 million, which was on a level with the loss of DKK 96 million in Q3 2009/10. The performance fell short of Management’s expectations, and specific initiatives have been taken to strengthen earnings and the capital structure. Revenue year to date was DKK 1,468 million compared to DKK 1,173 million in 2009/10, and the operating loss before special items was a loss of DKK 114 million compared to DKK 155 million in 2009/10. For 2010/11, the previous guidance of revenue in the region of DKK 2 billion is maintained, whereas the forecast of the operating loss before special items is adjusted to a loss in the range of DKK 125-145 million as compared with the previous forecast of a loss in the range of DKK 20-80 million.

Source: Cimber Sterling