Brussels Airlines has reported a €12.2 million net loss for last year, a reversal from the €23.1 million profit earned in 2007, due largely to fuel hedging losses.

The carrier remained profitable on the operating level at €1.5 million as a result of what it said was “capacity optimisation and strict budgetary control.” Revenue increased seven per cent year-on-year to €984.6 million while passenger numbers fell 6.8 per cent to 5.5 million.

The European Commission is expected to issue a decision on Lufthansa’s intended acquisition of the carrier by June.