2023-05-07 09:00:00
After the parent company Lufthansa Group which announced its quarterly balance sheet, the subsidiary Brussels Airlines publishes its financial results.
The Belgian airline has increased its turnover 78% in the first quarter of the year, to reach 280 million euros. But its earnings before interest, taxes, depreciation and amortization are improving, but still in the red.
In the end, Brussels Airlines managed to “considerably reduce its operating loss” in the first quarter of 2023. Adjusted ebit amounted to -44 million euros (-62 million euros a year earlier). “The results for this first quarter are in line with our expectations. The improvement in our revenues of almost 79% and adjusted ebit of 29% gives us confidence and confirms that we are on the right track.“, says its financial director, Nina Oewerdieck.
Brussels Airlines explains the increase in turnover by the increase in the number of flights as well as unit revenues. The airline operated 55% more flights compared to the 1st quarter of 2022, i.e. 12,647 flights. The number of passengers increased by 82% to reach 1.6 million. Operating expenses increased by 54% to 350 million euros (from 227 million euros the previous year), mainly due to “increased production-related volume costs, such as airport fees and charges or fuel consumption, increased price-related fuel expenses, as well as inflation and the full effect of the automatic wage indexation“, according to the Belgian airline.
From March 26 to October 28, 2023, two CRJ-900 aircraft from CityJet will reinforce the Belgian flag carrier’s fleet under a wet lease. This cooperation allows the Belgian airline to develop its fleet in a flexible way and to increase its European offer. Two additional Airbus A320s have joined the Brussels Airlines fleet on a permanent basis and will be deployed across the entire medium-haul network. Thanks to these measures, the European operations of Brussels Airlines will increase by 10% this summer.
©Brussels Airlines
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