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The first was a 4.7-magnitude quake, followed by a 4.2-magnitude tremor
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Swiss back on track towards profitability
DUBAI - Swiss International Airlines (Swiss), Switzerland's flag carrier has completed 60 per cent of its turnaround initiative, putting the airline back on track towards profitability by 2005.
The airline revealed at a media meet at the ATM on Wednesday that the Middle East region accounts for a robust 17 per cent of total revenue. According to Harriet Seibenpfeiffer, General Manager for Sales and Market Intercontinental Markets, the company experienced a very successful year.
"Just last month our annual results were announced with a better than expected financial position thanks to the progress in our restructuring programme and the gradual recovery in the markets we serve," she pointed out.
The airline also confirmed that the problems that besets the industry as a whole have dampened the outlook for many of the traditional flag carriers.
However, the Swiss decision to downsize and modernise its fleet, as well as create a flexible pricing structure for the economy class on its European routes with the European business concept, has allowed the airline to look at the creation of a liquidity buffer to cushion the impact of unforeseen events. Felix Rodel, Area Manager for Middle East, Pakistan, and Iran, Swiss Airlines, said that the company would not launch new destinations in the region in the short term.
"Careful cash management saw our operating loss for 2003 amount to CHF498 million, a sharp improvement over the CHF909 million loss reported in the previous year with our liquid assets estimated at CHF503 million," he said.
The region represents about 17 per cent of the airline's revenue, Mr Rodel noted, adding that the company offers services to six destinations in the region out of a network covering 70 destinations. "It contributes considerably to our overall business result," he said.
Swiss representatives have travelled from each of the markets served by the airline to attend this year's ATM, he pointed out, adding that representatives from Riyadh, Jeddah, Karachi, Muscat, as well as the regional office in Dubai are here to meet with agents and industry officials from across the Middle East.
"The ATM is the quintessential travel and tourism fair, and the only event whereby we can meet our partners to negotiate the best travel offers for our customers. For tourism offers, the best deals are discussed and agreed here," Mr Rodel explained.
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