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Basle (pte037/14.03.2003/14:57) - Newly founded Swiss Air Lines http://www.swiss.com has registered severe losses in its first completed fiscal year. The company reported today that net losses in 2002 would total 667.4m euros (SF 980m).
Consolidated turnover reached 2.91bn euros (SF 4.278bn), a result influenced by one-time expenses of up to 219.3m euros. Excluding one-time costs, the Swiss airline registered losses of 448.5m euros.
Earnings before interest and taxes were 619m euros. According to Swiss, these results were influenced by initial restructuring costs due to the company's expansion from a regional airline to an intercontinental carrier and the introduction of the Swiss brand.
The complete annual report is to be released on 25 March.
At the end of February Swiss Air Lines announced it would adapt its flight lines and reduce its fleet in response to the weak economy and deep crisis in the international air travel sector.
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