MONARCH airline yesterday reported a half year loss of £69.9m, a 37.7 per cent improvement on the the loss of £110.6m for the same time last year.
The airline is coming through a turbulent time, and undergoing a restructuring programme, to reduce £200m of costs.
Chief executive Andrew Swaffield explained: “We remain positive that the changes we have made to the structure of the group, the network and our cost base have set us in good stead to achieve the turnaround.”
The airline succeeded in reducing losses over the winter period by £40m. Monarch said £30m of this to the success of its turnaround programme, while the other £10m was down to the reduction in fuel costs.
Capacity fell by four per cent, while passenger traffic was down by five per cent from 2014.