Cruze Power,
why does the f100 arrive in broome 6 hours before the hotel's open? my reliable source informs me that the aircraft meets a certain helicopter carrier in broome which works in well with the planned departure time bme at 1430 or so, so they have done their homework on this one, loads are good and there is heaps of freight going on this one too. If you are so informed about the goings on at xr you would have heard that they have posted a loss for the last financial year, but look like returning to profitability next year. I think we should give them some credit here, instead of being all doom and gloom, i don't think you know half as much as you claim...interesting article here in the west from yesterday...
Skywest positive despite $2m loss
By Geoffrey Thomas and John Phaceas
SKYWEST Airlines has reported an operating loss of $2.2 million for 2002-03, reflecting the tough conditions still facing Australia's regional airline industry.
But Skywest said it was confident of at least hitting its $2.4 million profit target this year, after one-off gains from financial restructuring helped it squeak back into the black.
Skywest yesterday booked a headline net profit of $546,000 for 2002-03 on revenue of $47.5 million and net operating cash flow of $2.8 million.
The result compared to a $1.37 million loss the previous year, but was boosted by a $3.7 million one-off gain on the settlement of leasing liabilities attached to its fleet of five Fokker F50 aircraft, and a $900,000 Government grant.
Skywest was able to restructure its leasing arrangements for its fleet, previously valued at $13.1 million, with the Commonwealth Bank and the Ansett administrators.
The airline is now buying the aircraft for $9.4 million, through a $6.5 million loan from CBA, a $1.3 million loan from the Ansett administrators and a cash payment of $1.6 million.
Managing director Scott Henderson said the restructure had created a strong platform for the future, noting Skywest was virtually debt free and had been profitable since the June quarter when it booked an operating surplus of $128,000.
"We have been trading profitably for six months and expect to at least meet our forecast net profit of $2.4 million in the current financial year," he said.
"The restructure of our debt and the financing of the fleet were vital to the future of this business. We are now in a position where our balance sheet is strong, operational performance has improved significantly and our profit profile is robust."
Mr Henderson said the airline was already beating its monthly targets and stood a good chance of beating its full year targets.
It was also starting to expand its business again after a period of consolidation.
Earlier this month, Skywest launched a Perth-Broome service, using a Fokker 100 jet in direct competition with its alliance partner Qantas.
Despite industry doubts about the move, especially with Virgin Blue indicating its interest in offering a similar service, Mr Henderson said it had been a big success so far.
"Usually, when you start a service like this it takes time to ramp it up, but we've been carrying 80 per cent load factors," he said. "I think it's a recognition that we are a West Australian brand and that people are supporting us."