Transwede show 2008 profit
Transwede Airways preliminary accounts for 2008 show operating result of appr. 4 msek, corresponding to 2% net margin. The margin is down from 13% in 2007.
The airlines 6 aircraft produced 11600 blockhours (10300) and served 27 (22) destinations for 6 (4) different airlines during the year throughout Europe.
- We are reasonably pleased with the result, in particular that we managed to stay profitable in increasingly difficult market conditions for wet lease as the year went on, says Transwede CEO Trygve Gjertsen.
- The profile of the result is a concern, however, with first six months being significantly better than the last six. As we enter 2009 there is no indication that market will improve and we have to adapt to a completely different environment, with airlines cutting drastically back on capacity and postponing strategic positioning, Gjertsen comments.
Transwede has 3 Avro/RJ70 aircraft on lease from BAE that will expire during 2009, and the airline has decided to postpone possible replacement for these aircraft.
