Brussels Airlines lost 12.2 million euros in 2008

6th April 2009, Comments 0 comments

Passenger numbers for the Zaventem-based airline fell by 500,000 to 5.4 million.

Brussels Airlines recorded a net loss of 12.2 million euros during the 2008 financial year. The figures were announced by the airline in a press statement released at the weekend. The losses are in stark contrast to the 23.1 million euros in net profits made by Brussels Airlines in 2007.

The Zaventem-based airline blames the losses on high fuel prices during the first half of 2008 and the economic recession during the final quarter.

Despite the net losses, Brussels Airlines recorded an operating profit of 1.5 million euros.

The airline also saw turnover increase by 7% to 984.6 million euros.

However, passenger numbers fell by 500,000 to 5.4 million.

Takeover by Lufthansa

Brussels Airlines is about to be taken over by the German airline Lufthansa.

Initially, Lufthansa will take a 45% state in the Belgian airline before completing the takeover in two years time.

The takeover has been delayed while the European Commission looks at competition issues that may arise on routes between Belgium and Germany.

The European Commission is expected to rule on the takeover some time between now and the beginning of June.

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