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.
