Schiphol, May 15, 2008. Martinair closed 2007 at a net loss of € 68.9 million. A net loss of € 7 million was achieved for 2006. Operating profit for 2007 amounted to minus € 71 million (2006: minus € 5 million). Net revenue for operations in 2007 totaled € 951 million, practically equal to that achieved in 2006.
One-off costs associated with activities such as phasing out and renewing the cargo fleet, discontinuing European passenger flights and the associated phasing out of the Airbus 320s and voluntary resignation arrangements for more than 120 of our valued employees, coupled with a provision set aside within the scope of the ongoing airfreight investigation brought considerable pressure to bear upon the results.
Martinair Cargo's outdated, environmentally unfriendly Boeing 747-200s were replaced completely by the modern, more efficient Boeing 747-400BCFs. This creates a solid foundation to shape Martinair Cargo's growth in the future.
Since discontinuing European flight operations, Martinair's Passenger unit has focused on the Greater Caribbean and Canada. Connecting flights are also available to numerous destinations in the Caribbean via Miami in cooperation with American Airlines.
The intended sale of Martinair's subsidiaries is also almost entirely complete. Following the sale of Martinair Partyservice in 2006, Marfo and Skyjob have since been taken over by new owners. Martinair reached an agreement in principle with the Colombian carrier Avianca concerning the sale of all Tampa Cargo's shares. The intention is to maintain the current strategic cooperative relationship between Martinair Cargo and Tampa Cargo, and to expand our network by including Avianca’s network.
Studies conducted into possibly outsourcing activities previously carried out by Martinair departments are largely drawing to a close.
A number of steps have been taken with an eye to securing Martinair's future:
- Today, the new crew uniforms will be presented to Martinair's employees and the press
- At the end of the year, construction will commence on Martinair's new headquarters at Schiphol-East
- A start has been made on renewing Martinair's Boeing 767 passenger fleet. Talks are underway with Airbus, Boeing and the lease companies. Based on its rigorous fleet renewal program, Martinair will be able to include new destinations in its route network.
Martinair's Annual Report and Financial Statements can be viewed from today.