Crossair profits down
The regional airline, Crossair, a subsidiary of the SAir group, has owned airline announced profits down 20 per cent at SFr51 million for 1999. The airline will also cut its dividend for shareholders to SFr30 from SFr37.50.
The regional airline, Crossair, a subsidiary of the SAir group, has owned airline announced profits down 20 per cent at SFr51 million for 1999. The airline will also cut its dividend for shareholders to SFr30 from SFr37.50.
The company said its results were down due to the difficult environment in the business, and that the November and December results were well below expectations.
In a statement, Crossair said the great increase in fuel prices and the marked increase in the exchange rate against the US dollar had a negative effect on results.
Crossair has now introduced a programme, called Columbus, to increase profits and accelerate the conversion of its fleet to jet aircraft. Under the programme, Crossair will also review the airline's route network.
Crossair added that an increase in fares to compensate for higher fuel prices cannot be avoided.
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