Thanks to a summer with high leisure travel demand and a competitive cost structure resulting from its restructuring programme, Brussels Airlines reports an Adjusted EBIT of EUR 1 million in the third quarter of the year (previous year: EUR – 51 million), the airline wrote in a press release.
“For the first nine months of the year, the airline reports a 12% revenue increase year on year and an operating expense decrease of 10%. The Adjusted EBIT in the January-September period improved by 39% to -142 million, a result that is still heavily impacted by the Covid-19 pandemic,” the airline added.
Press release follows:
Brussels Airlines’ revenue in the first nine months of the reporting year rose by 12% year on year to EUR 380m (previous year: EUR 339m) while operating income was 7% higher than last year at EUR 402m (previous year: EUR 374m).
Operating expenses decreased by 10% to EUR 544 million (previous year: EUR 607 million) due to lower personnel expenses and expenses for external technical services as well as further effects of its successful restructuring program Reboot Plus.
Adjusted EBIT in the first nine months was EUR -142 million (previous year: EUR -233 million); EBIT in the reporting period was also EUR -142 million (previous year: EUR -256 million), with the previous year’s figure burdened by impairment losses on aircraft and rights of use for aircraft amounting to EUR 31 million.
Brussels Airlines closed the third quarter with an Adjusted EBIT of EUR 1 million, compared to EUR -51 million in the same period last year. In June 2021, Brussels Airlines restarted its hub structure and significantly increased its offer during the summer months in response to the increased market demand. The summer peak, which traditionally ends beginning of September, lasted much longer this year due to a catchup effect.
“We see that due to the pandemic, many people who had not been able to travel due to lockdowns were eager to travel in the summer, but also in September, outside of traditional holiday periods, which led to a prolonged summer peak for us. This high demand, together with the competitive cost position resulting from our restructuring in the Reboot Plus programme, have led to a positive result in the third quarter,” Chief Financial Officer of Brussels Airlines Nina Öwerdieck said.