German carrier Condor has received offers of assistance from the local Hesse state government to ensure that it can continue to operate over the low-activity winter season.
The Hesse government – which oversees Condor’s Frankfurt base – says it is in discussions over possible support to the airline, which had been operating as part of collapsed Thomas Cook Group.
Condor has been “put in a difficult position” by its parent company, says Hesse minister president Volker Bouffier, claiming that both firms have been “victims of Brexit”.
“We are open, in principle, to assisting Condor in bridging the current crisis – for example, through a supplementary state guarantee,” he adds.
“As with any other company, the conditions for government assistance must be met, of course, we will check this as soon as possible.”
Condor Flugdienst, the legal incorporation of the carrier, has not published publicly recent full-year accounts for 2017-18, citing a commercial code exemption.
Thomas Cook Group’s latest full-year accounts, for 2017-18, show the company’s airline group division – which includes all its operators – generated overall revenues of £3.5 billion and an underlying operating profit of £129 million.
Its UK-based Thomas Cook Airlines arm contributed an operating profit of £128 million and net profit of £103 million, with revenues of £1.28 billion, for the year to 30 September 2018.
Source: FlightGlobal.com
