SWISS climbs out of the red zone in first half of 2022
Despite high fuel costs and staffing issues, Swiss International Air Lines (SWISS) has posted a profit for the first time since the start of the Covid-19 pandemic.
The airline posted an operating profit of CHF67 million ($69.9 million) for the first six months of 2022, driven by “sizeable booking demand and the improved profitability provided by its completed restructuring activities”, it said on ThursdayExternal link.
Higher fuel costs, driven by the global rise in oil prices, were partially offset by increased bookings and higher ticket prices, SWISS said. Compared to the same period in 2021, passenger numbers were five times higher, at 5.3 million.
The airline’s cargo business also contributed to the positive figures.
Post-pandemic comeback
The results come after two difficult years, driven by the drop in travel due to the Covid-19 pandemic: in 2020 SWISS recorded losses of CHF654 million, and was granted a financial guarantee of up to CHF1.5 billion by the Swiss government.
In 2021, faced with continued disruption, the company posted losses of CHF427.7 million.
This year, the group said, it hopes to continue in the black and post positive results for the whole of 2022. This is despite ongoing issues, notably cancelled flights (a total of 676 Swiss flights between August and October have been shelved) sparked by the restructuring and staff dismissals.
On Thursday, the group said it wanted to reinvest in “further improving our customer services and in our own personnel”. The AWP agency reported that SWISS plans to hire some 800 cabin crew staff between now and mid-2023.
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