Vueling Rakes in 46 Million Euros Worth of Profits in 2010

Vueling Rakes in 46 Million Euros Worth of Profits in 2010

Vueling obtained a net profit of 45.99 million euros in financial year 2010. This amounts to a 66 percent increase on the results of the previous year (+27.78 million euros). The net margin stood at 5.7 percent, an increase of 1.1 points over that of 2009 (4.6 percent).

During the fourth quarter of the year, Vueling reduced the previous year’s losses by 66 percent, from -13 million euros in 2009 to -4.4 million euros in 2010. The results for the quarter have been affected by the sharp rise in the price of fuel. Fuel costs have increased by 45 percent, whereas the remaining costs have dropped by -0.3 percent.

The sales turnover achieved by Vueling is 796.5 million euros. This is equal to a 32 percent increase on 2009. The income per unit, that is, the available seat kilometers (ASK), has been 5.87c euros, 1 percent lower than that of the year before mainly due to shorter average stage lengths and the impact of the competitive environment on revenue per passenger. During the fourth quarter, revenue increased by 4 percent to a total of 167.04 million euros and the revenue per unit increased by 5 percent.

Vueling has carried 11,036,183 passengers in 2010. This accounts for an increase of 35 percent on that of the same period the previous year. The company has operated 84,435 flights (35 percent more than the year before) achieving a total load factor of 73 percent. During the fourth quarter the airline increased the number of passengers by 3 percent with a load factor of 72 percent.

These traffic figures have led to an increase in leadership in the El Prat Airport of Barcelona, with a 26 percent share. Moreover, Vueling continues to be the leading carrier at its bases in Bilbao, Seville and Ibiza.

The costs per unit excluding fuel costs have dropped by 3 percent, to 4.07c euros. On the other hand, the unit costs of fuel have increased by 32 percent in 2010. This has affected the total unit cost, which has risen to 5.43c euros, 4 percent higher than in 2009.

The net cash position stands at 207 million euros, with a debt of 23.9 million euros and total cash of 231 million euros at 31 December 2010.