28 August 2009

Aer Lingus suffers deeper losses

 

Losses at Aer Lingus deepened in the first half of the year as fares fell.
 
The operating loss of almost 93 million euros compared to 23.4 million euros lost in the first six months of 2008.
 
Revenue in the half year to the end of June dropped by 12.2% to 555 million euros.
 
A 17% drop in average fares coupled with increased fuel prices contributed to the fall in revenue.
 
The outlook for the rest of the year 2010 was described as being "extremely challenging" with expectation that recovery in the Irish economy will take until 2011 at the earliest.
 
"Continuation of the current market trends in Ireland and other key markets will lead to further sustained and significant fare pressure," the airline said.
 
"While traffic volumes have stabilised, average fare yields continue to be significantly down year on year."
 
Long haul business class traffic slumped by more than a third in the first half with "no visibility" of recovery in the medium term.
 
The total number of long haul passengers carried was down by 11.6% to 528,000. 
 
Short haul carryings rose by 3.6% to 4.415 million but revenue was down by almost ten per cent.
 
by Phil Davies 


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