JERSEY EUROPEAN Airways (JEA), an Exeter, UK-based domestic airline, has announced a significant turnaround in its financial performance. The airline has recorded a net profit of nearly £1.8 million on a turnover of £56 million in its 1994/5 fiscal year to 31 March. The profit figure includes receipts of £350,000 from the sale of Fokker F27s.
The news comes after several loss-making years and represents a £5 million improvement over the previous 12 months, achieved largely through a 2% cost reduction combined with a 9% increase in turnover. JEA says that its innovative fare policies, enhanced marketing techniques and the increasing popularity of Gatwick and Stansted airports have made a major contribution to its success.
JEA provides nearly 700 scheduled domestic flights a week, and the results are said to reflect a 13% increase in passenger figures to 1.088 million. On the strength of this, the carrier is expanding its fleet with the acquisition of two more British Aerospace 146-200s, on lease from BAe's Asset Management Organisation, for delivery in November and December. The airline now operates one 146-100, two-200s and two-300s.
Source: Flight International
