Spanish low-cost carrier’s net profit reaches €7.7 million
The Spanish low-cost carrier Vueling has posted a net profit of €7.7 million for the second quarter – more than double the €3.6 million it earned for the same quarter last year. Revenue increased by almost 30% from Q2 2011 to €297 million, and the number of passengers was up by 18.5% to 3.88 million. Load factor was 75.5%, up 2.3%.
Despite Spain’s depressed economy, Vueling has benefited from the consolidation taking place in the Spanish market following the bankruptcy of Barcelona-based Spanair last year. It has a base at Barcelona El Prat Airport. However, the airline’s fuel costs increased 34.5% year-on-year.