Vueling achieved an operating profit (EBIT) of 60.8 million Euros in the third quarter of the year, a 2.4% increase compared to the third quarter of last year, despite the strong rise in the fuel price (+47.6% year-on-year). The net result for the period reached 41 million Euros.
Vueling showed a significant growth in activity, increasing the number of carried passengers by 20.8% versus last year. The airline carried 4.2 million passengers in the third quarter of 2011. Vueling increased its activity levels while improving the load factor of its flights to reach 80.5%, a 3.1pp increase compared to last year. The increase in activity is due to the new bases of Toulouse and Amsterdam, as well as the Madrid operation that allows Vueling to feed Iberia’s long haul flights, and Vueling point to point operations.
Total revenues were 19.5% higher than last year in the months from July to September. The increase in revenues is due to a 6.5% improvement in revenue per available seat kilometer (RASK), and an increase in the company’s activity (+12.2% in ASK). Vueling showed the ability to increase its activity while improving yield.
Fuel costs continued to climb in the third quarter, reaching a 50.6% increase compared to the same period of last year. The Brent barrel average price for the period was 114.4 dollars per barrel, which is 47.6% higher than the third quarter of last year, when the average price was at 77.5 dollars per barrel. Vueling‘s hedging policy partially offset the increase in the price of fuel, the fuel cost per available seat kilometer increased by 34.3%, which is lower than the 47.6% rise in the fuel price. Other costs grew in line with the increase in activity levels, resulting in a cost per available seat kilometer of 3.92c€.
Vueling maintains a solid financial position and improved available cash. The net cash position amounted to 285.5 million Euros as of September 30th 2011. Therefore, the company maintains a solid financial position with no debt.
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