SWISS trims its budget for 2003

The declared SWISS objective is to achieve break-even in the year 2003. In order to achieve this aim, the Management rejected the first budget proposal for the year 2003. Until such time as the budget situation has been clarified an immediate stop has been placed on new hirings and an intensive control of all expenditures has been ordered.

SWISS is performing better than the Business Plan and is pleased with the steadily increasing load factors. Nevertheless, the ambitious objective is that there should be no loss next year, despite the current depressed economic climate, which is affecting the airline business in particular.

Due to the fact that SWISS will not be operating additional aircraft next year, the costs and the personnel strength and the costs should not be allowed to increase, in the opinion of André Dosé, the SWISS CEO.

It is against this background that the SWISS Management has decided to freeze the personnel strength at its current level and to carry out a close examination of the costs.