Shares in Lauda Air were suspended on the Vienna stock exchange after a bank official prematurely released first-half financial figures showing a sharp increase in first-half losses.
Following the leak on 6 August, shareholders fought to sell off Lauda shares ahead of the official announcement, which was brought forward by a day. Although passenger numbers rose by about one-third, Lauda's pre-tax loss climbed to Sch166 million ($16 million) from Sch74 million a year ago.
Airline founder Niki Lauda is shrugging off the losses, blaming the seasonally weak first half and start-up costs associated with the airline's ambitions charter-expansion plans. In the first half, a Vietnam-Thailand charter service was started. Lauda says, that the airline is still targeting profits of more than Sch50 million and a sales, of around Sch3 billion for the full year.
Austrian Airlines also saw a widening in losses for the first half, with pre-tax deficit more than doubling to Sch313 million.
Source: Flight International
