Aer Arann sees 300% rise in pre-tax profits
(Ireland.com)
Friday, 28th October, 2005
Aer Arann has posted a 300 per cent rise in pre-tax profits last year to €7.6 million following the introduction of new routes.
These eight additional routes saw turnover at the airline rise from €42 million to €70 million.
Aer Arann received €18 million as a subsidy payment from the Exchequer for its Public Service Obligation routes to regional airports, according to reports this morning.
However, this year has been less smooth for the airline. A senior Aer Arann executive, Peter McKenna, recently left the airline, and it was forced to scale back services into Cork after Ryanair significantly increased its capacity to the airport.
Aer Arann responded by developing its services to the Isle of Man.
Padraig O'Ceidigh, the airline's chief executive, admitted that 2005 would be more challenging than last year.
