Air Berlin reports return to profit, plans restructuring
Air Berlin, Germany's second-biggest airline, said on Thursday it flew back into profit in the second quarter and promised a massive restructuring programme later this year.
Presenting the company's second-quarter results, chief executive Wolfgang Prock-Schauer said: "We were able to improve the net result and our operating result is looking better than it did a year ago, but this is not sufficient.
"We are determined to restructure Air Berlin to ensure the airline moves back to a sustainable profitability within three years," Prock-Schauer said.
In the period from April to June, Air Berlin booked bottom-line net profit of 8.6 million euros ($11.4 million), compared with a loss of 38 million euros a year earlier.
At an underlying or underlying level, the carrier narrowed its loss to 6.9 million euros from 8.1 million in the second quarter a year earlier.
Revenues increased by 2.9 percent to 1.146 billion euros.
"Over the last few months we have been intensively working on the restructuring programme," chief executive Prock-Schauer said.
After weighing options "we decided that Air Berlin will continue to serve the three core segments, namely Europe, touristic and long haul. We substantially change the way we do business and the way we serve our market."
Full details of the restructuring programme would be unveiled in September, Prock-Schauer said.
"The entire programme is aiming to move us into sustainable profitability."
© 2014 AFP