Losses
Aer Lingus net losses narrow (Irish Times - 24 August 10)
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Aer Lingus reported today that operating losses fell by 80 per cent in the first six months of 2009 and said it aims to break even this year.
Pre-tax losses during the first half narrowed to €20.8 million from €81.1 million a year earlier. Operating losses fell to €19 million from €93 million.
The cost of running the airline also declined, with operating costs down 14 per cent from €648 million to €557 million.
First-half revenues fell 3.1 per cent to €538 million as against €555 million a year earlier.
"Aer Lingus has delivered a significantly improved operating result in the first half of 2010 compared to prior year. This performance has been driven by strong unit revenue growth coupled with a significant improvement in our cost base," said Aer Lingus chief executive Christoph Mueller.
This operating result was achieved despite the adverse impact of volcanic ash disruption in H1 2010 as well as the continuation of difficult conditions in our key Irish market where unemployment is currently at 13.7 per cent per cent and where passenger numbers passing through Dublin airport have declined by 16 per cent compared to the first six months of 2009," he added.
Mr Mueller said the airline expected to break even during 2010, the first time Aer Lingus would do so since 2007.
The airline carried almost 11 per cent fewer passengers in the first six months of 2010 than in the same period a year earlier. However, the average yield per passenger rose 8 per cent during the six months from €91.36 to €98.66.
Revenue per passenger also increased by 8 per cent.
The airline it achieved €11.7 million in staff cost savings under its Greenfield programme during the first half of the year