SWISS to Optimise Fleet, Routes and Operations

SWISS is to introduce a comprehensive optimisation programme which is designed to add CHF 400 million to its 2003 bottom line.  The programme includes modifications to the airline’s route network from the start of the 2003 summer schedules, a downsizing of the aircraft fleet by a total of eight transports (one long-haul, one medium-haul, three charter and three 50-seat regional aircraft), a revised charter concept and enhancements to its inflight product.  The actions will entail the elimination of some 300 personnel positions, which should be effected through natural attrition as extensively as possible.  At the same time, the company intends to create around 200 new positions in its Technical Services and IT divisions. 

SWISS posted a net loss of CHF 135 million for the third quarter of 2002 on total operating revenue of CHF 1’380 million.  The deficit includes special depreciation of CHF 60 million on the aircraft fleet and CHF 15 million in non-recurring costs associated with the establishment of SWISS.  The third-quarter result is a substantial improvement on the losses sustained in the first two quarters, and is also better than projected in the Business Plan of December 2001.

A more comprehensive media release will follow at 10:00.