LuxairGroup takes off with €9.7 million net profit
(CS) Luxembourg aviation company LuxairGroup appeared to have recovered from the turbulence of previous years when it presented a 9.7 million euro net profit for 2014 this week, up from 1.9 million euros the previous year.
In 2012, the result was negative at minus 10.5 million euros.
Turnover meanwhile increased to 495.2 million euros, up from 471.6 million euros in 2013.
The groups' airline, Luxair, last year transported a record number of passengers, for the first time breaking the one million mark. It also added a number of destinations to its schedule and upped frequencies on several routes.
The airline was thus able to significantly reduce its operating loss, which shrank from 12 million euros in 2013 to 8.4 million euros last year.
The number of travellers with holiday provider LuxairTours also increased, to reach just over 591,000 in 2014, up from around 556,000 the previous year. Here, the company was able to increase profitability, with earnings before interest and tax (EBIT) reaching 10.1 million euros – more than double the value in 2012, when it was at 4.3 million euros.
In the group's cargo business EBIT was stable at 1.7 million euros, despite an increase in tonnes handled from 693,153 in 2013 to 725,000 last year.
EBIT at LuxairServices meanwhile decreased from 2.8 million euros in 2013 to 1.7 million euros last year.
EBIT for LuxairGroup as a whole also dropped, reaching 1.3 million euros in 2014 compared to 1.9 million euros the previous year.
Adrien Ney, CEO of LuxairGroup, was positive about the result, saying it showed the company's ability to cope with competition. Chairman of the Board Paul Helminger added: “LuxairGroup closed the year 2014 with more than respectable results. Given the unfavourable context in which the company has evolved throughout the year, this is an unexpected success which augurs well for its future.”