CityJet posts €51.5m losses

Dublin-based airline CityJet posted pre-tax losses of €51.5m for the year to the end of March 2010.

The airline said that its passenger numbers increased but revenues still fell 8pc.

Average fares dropped 16pc, explaining this phenomenon.

In a report to the Companies Office, CityJet said, “The negative result at operating level was due to the continued severe economic environment with sharp decline in business traffic and extreme volatility in oil prices and currencies.”

The company aims to return to profit by the end of 2012.