Basel, Nov 19: Switzerland's airline Swiss today posted a third-quarter net loss of 135 million Swiss francs (93.1 million dollars) and announced it was shedding 300 jobs.

The measures are part of a "comprehensive optimisation programme" to save 400 million Swiss Francs in 2003, the company said.
The airline also plans to reduce its fleet by eight aircraft, to make changes to its route network from the start of the 2003 summer schedules and to revise its "charter concept", a statement said.
The company will cut its fleet by one long-haul, one medium-haul, three charter and three 50-seat regional aircraft.

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"The actions will entail the elimination of some 300 personnel positions which should be effected through natural attrition as extensively as possible," it said.



"At the same time, the company intends to create around 200 new positions in its technical services and IT (information technology) divisions," it added.



Operating revenue in the third quarter reached 1.38 billion Swiss Francs.



"The third-quarter result is a substantial improvement on the losses sustained in the first two quarters, and is also better than projected in the business plan of December 2001," the statement added.



The deficit in the third quarter includes a 60-million- Swiss Franc special depreciation on the aircraft fleet, and 15 million Swiss Francs in non-recurring costs associated with the establishment of Swiss, the company said.



Bureau Report