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Wednesday, January 07, 2009
CITYJET, the Irish-based subsidiary of Air-France made pre-tax losses of €16.2 million last year.
The figure is down from pre-tax profits of €23.5m in the previous financial year.
Accounts for Cityjet show turnover in the year to end March 2008 increased 12.4% from €261m to €293m.
A breakdown of Cityjet’s turnover by region show revenues from flights out of Ireland increased by €10.7m to €42.2m.
About €130m in turnover came from its British operations with the rest coming from mainland Europe.
The company said the completion of a fleet transition to a different type of aircraft in the year had a significant impact on the financial results.
Some 699 people work with the company, and at the end of March 2008 it had a fleet of 23 aircraft.
"It is the directors’ belief that the company is now well placed to take advantage of growth opportunities and can look forward to the future with renewed optimism," the accounts read.
In February last year Cityjet announced it was starting a service opened from Shannon to Paris, Charles de Gaulle.
It recently said it is prepared to stay in the mid-west and battle for international travellers after Aer Lingus announced it was re-starting a route it had previously pulled from Shannon to Heathrow.
Cityjet has spent the past year investing in the route and said it is confident the business-focused service it developed will trump the returning Heathrow option.
Geoffrey O’Byrne White, CityJet’s chief executive said: "We believe that the development of a new service from London City Airport to nine new destinations in Europe and the new service from Shannon Airport to Charles de Gaulle airport will play a major role in the future of the airline."
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