and with commentary
UK's Flybe edges into profit despite tough climate
UK regional carrier Flybe just managed to break even in its last financial year, with a pre-tax profit of £100,000 ($160,000) after exceptional charges.
The airline says it sustained "unprecedented" losses for the fourth quarter to March 2009. But it adds that it achieved "good" profits in the subsequent half-year to September 2009.
For the year ending 31 March 2009, excluding the exceptional charges, Flybe turned in a pre-tax figure of £12.8 million, a fall of 63%. It achieved a 6.8% rise in turnover to £572 million as passenger numbers increased to 7.3 million.
The airline defends its performance, stating that the period covered the peak of the financial downturn and the sharp rise in fuel prices.
Fuel costs over the year increased by 36%, and accounted for half of the £59 million rise in expenses, to £504 million.
The onset of the recession also affected the airline's business routes, with domestic traffic suffering "significant declines" from UK airports.
Chief executive Jim French says that, given the difficult environment, the carrier can "rightly regard the result for the year as a success". He adds that the carrier is "having a good recession" and is "well-positioned to harvest the benefits" when better economic conditions return to the market.