Swiss International Air Lines (SWISS) has reported an operating loss of CHF398 million ($440 million) for the first six months of the year.
This content was published on
2 minutes
swissinfo.ch/ug
The global coronavirus pandemic, which had devastating effects on air transport, continues to hurt the company’s performance.
The figure compares with a loss of CHF266 million in the first half of 2020, according to a company announcement issued on Thursday. Total revenue for the first half of 2021 slumped by 43.5% to CHF659.3 million relative to the same period last year.
“Strict cost and cash management combined with consistent network and capacity control helped keep the loss within reasonable bound,” the company said in a press releaseExternal link.
Switzerland’s flag carrier, which is owned by Germany’s Lufthansa, said a factor for the higher losses is a cost-saving programme to the tune of CHF500 million.
The company will shed about 550 jobs by the end of this year. However, it will only use about half of the CHF1.5 billion credit package by the Swiss government to offset the impact of the Covid-19 pandemic and business restrictions.
It said the aim of an ongoing restructuring and transformation was to regain the confidence of investors and to maintain its competitive edge.
Silver lining
The second quarter brought a slight upturn in business volumes, but the situation remained “extremely tense”, the company said.
Chief financial officer Markus Binkert is cautiously optimistic about the future.
“It’s possible that we will already move into the black for some weeks or months this year,” he told the Swiss news agency, Keystone-SDA. He said the airline was hoping to make an annual profit at the end of 2022.
How is your country dealing with the return of stolen artifacts?
Western nations like Switzerland often have to deal with the process of recovering or returning looted artifacts which have been illegally imported. What’s the situation like in your country?
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
Swiss luxury watch market hit hard by China-led slump
This content was published on
Sales of Swiss-made luxury watches are in sharp retreat as nervous consumers reconsider splashing out on expensive timepieces and demand slumps.
Swiss foreign minister briefs Russian counterpart on Ukraine peace summit
This content was published on
Swiss Foreign Minister Ignazio Cassis met with his Russian counterpart Sergei Lavrov in New York, during Russia's presidency of the UN Security Council.
Criminal proceedings filed over Swiss components in Russian weapons
This content was published on
The Swiss State Secretariat for Economic Affairs has opened more than 50 administrative criminal proceedings for violations of sanctions against Russia.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
SWISS to lay off up to 780 staff and reduce fleet
This content was published on
SWISS says “structural” changes in the air travel market mean it will see a decline of 20% in overall demand in the medium-term future.
SWISS: Goodbye free snacks, hello face recognition
This content was published on
Swiss International Air Lines (SWISS) will stop serving free snacks and drinks on short- and medium-haul flights in economy class.
Swiss airline start-up vows to take-off despite pandemic
This content was published on
While most airlines are wondering how they will survive coronavirus, Moov Airways thinks it could help get the budget long-haul carrier into the air.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.