Air France - KLM subsidiary CityJet has posted a loss of €16.2m for the twelve months ended March 2008, in sharp contrast to the previous year's performance which saw €22m go back in the coffers.
The airline says that the turnaround in it's fortunes were as a result of a major fleet upgrade which involved acquiring 24 RJ85 aircraft and it's purchase of VLM, an expenditure which is thought to have cost in the region of €180m. The takeover was announced in February 2008 although it was October before the UK's Office of Fair Trading finally gave it's approval.
Total revenue for the financial year was €293.5m (+12.4% on the previous year) of which scheduled services accounted for €290.7m, freight and charter accounting for the balance.
The UK market is now the airline's largest market, representing sales of €130.3m (+380%). The Irish market accounted for €42.2m (+34%) with mainland Europe taking the balance.
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