(Adds more comments from CEO, background)
FRANKFURT, Dec 6 (Reuters) - German airline Condor plans to
more than double its operating profit margin, its chief
executive said, hoping to lure in potential investors that will
take it over following the collapse of its parent Thomas Cook.
Condor, which filed for investor protection proceedings -
which require that a business can still be saved - made adjusted
earnings before interest and tax (EBIT) of 57 million euros ($63
million) in the last fiscal year.
Its adjusted EBIT margin stood at about 3.4%, compared with
7.9% at larger rival Lufthansa.
"Healthy airlines need an 8% EBIT margin. That's also a
reasonable target for Condor," Condor Chief Executive Ralf
Teckentrup told Reuters.
"We need to improve profits by 70-80 million euros. Part of
this needs to be realised in the current business year."
Condor last month said it had drawn substantial interest
from potential buyers, declining to specify. It has previously
said it was open to interest from rivals and private equity
groups.
Teckentrup said it was "extremely likely" that a buyer would
emerge in time to repay a 380 million euro loan the airline
received from Germany to stay afloat. The loan needs to repaid
by April 15, 2020.
"I'll still be sitting here in a year's time," he said.
($1 = 0.9073 euros)
(Reporting by Ilona Wissenbach; Writing by Christoph Steitz;
Editing by Tassilo Hummel and Christina Fincher)
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