Swiss profit falls in 2009

Swiss International Air Line’s operating profit in 2009 fell to 146 million francs, down 69 percent from 472 million francs in the previous year.

Revenues fell 17 percent to 4.36 billion francs, the airline said on Thursday.

“We should be very satisfied with our results for 2009,” Swiss CEO Harry Hohmeister said in a statement.

“We achieved a black-ink result in all four quarters; and we were able to do so despite sizeable declines in our revenues and a tangible migration from higher to lower booking classes,” Hohmeister said.

“With our selective adjustments to our capacity in response to demand, our strong focus on the customer and our rigorous cost management, we have maintained as much control as possible over the present economic crisis and its ramifications.”

Swiss said it has realigned its service to reflect lower demand, particularly on inter-continental routes, by reducing frequencies on certain routes.

The airline warned that for 2010 even with the global economy picking up, “the aviation sector is unlikely to see any swift recovery.”

The International Air Transport Association on Thursday said a stronger than expected  economic recovery in emerging markets is expected to reduce losses previously anticipated in the airline industry for this year.

The Paris-based organization cut its 2010 estimate for overall red ink in the industry to 2.8 billion dollars from an earlier forecast of 5.6 billion dollars.