Air Berlin has one last shot at turning itself around, its chief executive told a German newspaper, underlining the scale of the challenge facing Germany's second largest airline. The budget airline, 29 percent owned by Abu Dhabi-based Etihad, has made operating losses in four of the last five years and changed its chief executive four times in the last three years as it seeks to stem losses and reduce debt.
"It's our last shot. We have to manage it now, there won't be a second chance," Stefan Pichler said in an interview with Sueddeutsche Zeitung published on Saturday. The airline racked up heavy debts after an acquisition spree, and Pichler told the paper the takeovers hadn't been integrated enough into the company and that the airline needed to reduce costs further to compete with rivals such as Ryanair and easyJet.
Pichler, credited for turning around Fiji Airways before becoming CEO at Air Berlin in February, is reviewing the airline's routes and has introduced a new revenue management system to better match ticket prices to demand. Earlier this month he said the airline would reduce its fleet further. "It is possible to save the company. We don't have much time," he said.