Cimber reports first quarter loss, hope rests with new owners

Danish LCC Cimber Sterling reported an operating loss of DKK8.6 million (EUR1.2 million) in its fiscal first quarter (three months to 31-Jul-2011), a narrow improvement over the airline’s 1Q2010 DKK9.6 million (EUR1.3 million) operating loss. At the net level, however, the airline’s performance deteriorated due to a blowout in financing expenses. Beset by excessive competition and financial difficulties in recent years, Cimber has been in desperate need of stronger financial backing, which was finally secured in the latest quarter. [1253 words]

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This report contains the following subheadings:

• Cimber to combine with Nordic rivals
• Operating loss narrowed in 1Q2011
• Revenue increase matched by costs
• Financial standing still concerning
• Forecast for sharp improvement retained

This report contains the following charts and tables:

• Copenhagen Airport domestic passenger numbers: Jan-2008 to Aug-2011
• Cimber share prices since 2009 IPO in DKK