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Centralwings flies into trouble

Thursday 28 Feb 2008 8:54pm

Polish based Centralwings is flying into trouble after announcing a loss of 73 million zlotys in 2007 compared with a loss of 65 million zlotys in 2006. Centralwings is owned by Polish LOT airlines. The airline's CEO said [quote] "This was supposed to be our last year in the red. We estimated that the losses would amount to PLN 35m. Unfortunately, market conditions deteriorated substantially and our costs grew by 13. 4 percent". The budget and cheap flight market is extremely competitive and Centralwings are finding it very difficult - especially with many or the larger airlines, including Ryanair, easyJet and Wizz Air, dominating the market and saturating all big cities across Europe. Wizz Air have just ordered 70 new aircraft, Ryanair have several tens of airplanes on order and easyJet also has a substantial order book with Airbus. The CEO also admitted that the airline wasn't in a good position to compete with a growing number of cheap carriers. Airport fees increasing, high fuel prices and lack of aircraft were also blamed for the second year of significant losses and the airline not being able to protect itself against price changes.

Browse tags: #C) #WAW #W6

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