CityJet revenues up but heightened costs wipe out profit

Although Cityjet’s revenue for the 12 months to end of March rose 21% to €316m, exceptional costs of €26.6m last year contributed to pre-tax losses rising by 7% to €54.8m. The pre-tax losses included a €8.9m write-down in aircraft earmarked for disposal; a €15.4m write-down in a subsidiary investment, VLM Airlines; and a €2.3m provision for the early termination of an aircraft lease agreement. Cityjet carried over 2.3 million passengers during the last fiscal year, which is a 10.5% increase over the previous year. This contributed to the airline’s operating losses decreasing from €45.7m in 2010 to €25.8m last year.