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LTU NEWSAir Berlin's acquisition of LTU has proven to be costly, as the German LCC reported a steep drop in full-year profit to €11 million ($16.9 million) from the €50.1 million earned in 2006.
"We are right on track with the LTU integration," CEO Joachim Hunold said yesterday as the carrier released preliminary financial figures. "Although the preliminary earnings for 2007 did not meet our expectations, we have reason to be optimistic for 2008." He said capacity utilization and unit revenue improved "significantly" through February and he was "pleased" with bookings. Full-year revenue rose 61% to €2.54 billion but operating profit plunged 66.5% to €21.5 million from €64.2 million owing to "one-time charges in the double-digit millions resulting from the delayed LTU integration and issues associated with the technical integration of the IT systems." AB also said that "the expected compensation from releasing certain reserves could not be realized," without elaborating. A detailed financial report is due March 31.
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