Austrian Airlines (AUA) will repay the state-guaranteed loan granted by the state in 2020 during the coronavirus crisis early at the end of the year.
Out of the initial 300 million euros, 210 million euros was still open. The airline announced today that due to high liquidity after a strong summer quarter and a credit line from German parent company Lufthansa, the loan can now be repaid early and in full. AUA made a profit of 110 million euros in the summer.
Sales and profits increased sharply
One takes pride in being able to pay off the loan early, “even if the deep financial scars of the pandemic will only fully heal in a few years,” AUA CEO Annette Mann said in a press release. Originally, the loan was to run until the end of 2025.
After the pandemic-related decline in the past two years, AUA reported high sales and triple-digit operating profit in July and August as well as in September of this year. Sales more than doubled compared to the third quarter of 2021, from 304 to 687 million euros. Quarterly sales were 6.0 per cent, or 39 million euros, higher than last summer’s quarter before the global pandemic.
“Total coffee aficionado. Travel buff. Music ninja. Bacon nerd. Beeraholic.”
More Stories
The works council fears job cuts at Telekom Austria
Intelligent systems for old buildings
Extend your shower season with a heat pump