Mystere IV A
February 4, 2003, 10:25 AM
Spanish carrier Spanair is to announce an operating profit of around EUR 30 million ($32 million) for 2002, after it was assisted by a cash injection from its Scandinavian shareholder SAS.
Founder and president Gonzalo Pascual, speaking to ATI at the Spanish tourism trade fair FITUR in Madrid, concedes that the injection of EUR 100 million in December - contributed by SAS and Pascual's own holding company - have driven the positive result.
"This injection allowed us to write off the investment of establishing new routes and destinations," he says. "This is something which we normally would have written off over a five-year period."
He adds: "This way Spanair remains virtually debt-free and well-prepared for times of crisis as well as for future growth. Certainly 2002 has not been an easy year, but we will be able to announce a positive [result] of close to EUR 30 million [for the period]."
Fly High :windsock:
:pilot_2:
Founder and president Gonzalo Pascual, speaking to ATI at the Spanish tourism trade fair FITUR in Madrid, concedes that the injection of EUR 100 million in December - contributed by SAS and Pascual's own holding company - have driven the positive result.
"This injection allowed us to write off the investment of establishing new routes and destinations," he says. "This is something which we normally would have written off over a five-year period."
He adds: "This way Spanair remains virtually debt-free and well-prepared for times of crisis as well as for future growth. Certainly 2002 has not been an easy year, but we will be able to announce a positive [result] of close to EUR 30 million [for the period]."
Fly High :windsock:
:pilot_2: