ITA posts net loss of 5m in 2023, revenue at 2.4bn

(ANSA) - ROME, MAR 27 - ITA Airways closed the 2023 financial year with a net loss of five million euro, an improvement of 481 million euro compared to the previous year.
    Total revenues amounted to 2.4 billion euro, while Ebitda was positive at 70 million euro.
    Passenger numbers stood at around 15 million, up 47% in 2022.
    "These are extremely positive results," said ITA Airways president Antonino Turicchi.
    "The company has managed to develop on the economic and on the financial side," he continued, adding: "This has been the fundamental key".
    "Despite not being able to benefit from the capital increase, it has allowed this company to grow," said Turicchi, referring to the planned merger with German carrier Lufthansa agreed in May 2023 but which has still not been signed off by the European antitrust authorities amid concerns over competition on routes.
    On the proposed transaction for Lufthansa to take a 41% stake in ITA against an investment of 325 million euros, Turicchi said there is no plan B.
    "We do not have a plan B because we strongly believe in plan A and the proof is in the results we are delivering. I strongly believe in this marriage," he said. This "is not an operation to rescue ITA; rather, for the economy ministry shareholder this is an operation to make ITAgrow", added Turicchi, adding: "his is what we want to emphasise to the European Commission".
    "Consolidation is the tool for having stronger operators," he continued.
    On the objections to the deal sent by the European Commission earlier this week, Turicchi said he couldn't understand the concerns.
    "Through this operation no one is going to reduce flights, the routes are increasing, the flights are increasing and therefore we cannot understand why there is concern on the part of the regulator that this operation will be to the detriment of the consumer," he said.
    "On long-haul routes we have grown significantly but we have 15 routes and to say that eight of them are problematic is big number for us, so we want to reduce this number," he added.
    (ANSA).