Condor Flugdienst GmbH improved its key figures for the financial year 2018/19 (ending September 30, 2019).
The operating profit (EBIT) increased by 32.4% on a year-on-year comparison to €57 million. The number of passengers carried increased by 4.5% to 9.4 million (+6.9%) with increased capacity. Condor achieved a 6.0% increase in revenue to €1.7 billion with stable yields and a stable seat load factor of around 90%.
At the end of September, Condor entered into a so-called preliminary protective shield procedure in order to release itself from joint liabilities from the insolvent former parent company Thomas Cook Group plc. This gives the company full independence from the Thomas Cook Group plc and at the same time more security for its own future. The federal government of Germany and the state government of Hesse have granted Condor a state-guaranteed bridging loan of €380 million. In a structured bidding process, strategic and financial investors are showing high interest in Condor.
Ralf Teckentrup, CEO of Condor Flugdienst GmbH, was highly satisfied with this result: “We are an operationally healthy and profitable company. Our key figures and the further increase in profit underline this. Condor is thus further expanding its market leadership in the leisure airline business. The current booking trend is exceeding expectations. This is also a clear sign of confidence on the part of tour operators, travel agencies and our direct customers. The loss of passengers from Thomas Cook Germany of around 15% is being compensated for by strong demand.”