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VUELING AIRLINES REPORTS FIRST QUARTER NET LOSS
Vueling Airlines has reported a first-quarter net loss of €23.6 million ($35 million), widened from a €6.3 million deficit in the year-ago period. In common with other airlines posting a Q1 loss this week, fuel costs were blamed for the loss but in the case of Vueling, a “significant” 15% fare reduction owing to the weak domestic Spanish market and increased competition resulting in tactical schedule cuts was also a factor. The airline was forced to reduce capacity by 6% down on last year. Revenue fell 10% to €126.2 million and pure fare revenue was down 11% to €110.7 million.
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