Menu
02/09/2011
Irish Airline 'Committed To Belfast Hub'
Aer Lingus, has said that net losses narrowed in the first half of the year and that it was on course for an annual profit - and it is staying in Belfast.
It has reported operating losses of €27.8m, or £24.6m, in the first half of 2011 but had a strong second quarter, taking profits of €25.9m.
The airline said passenger numbers also rose by 8.3% to the end of June, with an associated 8.4% increase in yield per passenger.
Aer Lingus added that it remains committed to its Belfast operation but said there were no plans to start an American route should Continental pull out of its Belfast International to Newark service.
"We don't really comment on the profitability of how our particular bases perform but the Belfast base is efficient, it's got a good base and although the demand conditions are very challenging at the moment, we are actually very pleased with how it is going," Andrew Macfarlane from Aer Lingus said.
Chief Executive Christoph Mueller said: "We are more positive about the profitability of the business in 2011 than we were at the start of the year."
This is despite the fact that the airline reported an operating loss of almost €28m for the first six months of this year: with a pretax loss standing at €14.2m.
The loss of €27.8m operating costs for the first six months of 2011 compares to a loss of €19m for the same period in the previous year.
But, according to Aer Lingus net losses narrowed to €13.1m and Christoph Mueller said that the results had been hit mainly by the impact of a cabin crew strike which cost €15m in the first quarter but forecast that the group would turn a profit later in 2011.
Indeed the airline's share price rose by 9.3% in Dublin yesterday in spite of the airline recording this pretax loss.
Aer Lingus said its booking profile into the fourth quarter of the year was strong. Its sales growth in the second half is expected to be similar to the first six months, when revenues rose by 5.8% to €569m.
Andrew Macfarlane said: "We have had a really good second quarter and we are sufficiently confident that we are increasing our guidance for the year."
"Looking ahead at our booking profile we are more confident now about the result for the year than we were earlier.
"We will struggle to do quite as well as we did last year - obviously one of the things we are looking at is the big increase in fuel prices," he added.
(BMcC)
It has reported operating losses of €27.8m, or £24.6m, in the first half of 2011 but had a strong second quarter, taking profits of €25.9m.
The airline said passenger numbers also rose by 8.3% to the end of June, with an associated 8.4% increase in yield per passenger.
Aer Lingus added that it remains committed to its Belfast operation but said there were no plans to start an American route should Continental pull out of its Belfast International to Newark service.
"We don't really comment on the profitability of how our particular bases perform but the Belfast base is efficient, it's got a good base and although the demand conditions are very challenging at the moment, we are actually very pleased with how it is going," Andrew Macfarlane from Aer Lingus said.
Chief Executive Christoph Mueller said: "We are more positive about the profitability of the business in 2011 than we were at the start of the year."
This is despite the fact that the airline reported an operating loss of almost €28m for the first six months of this year: with a pretax loss standing at €14.2m.
The loss of €27.8m operating costs for the first six months of 2011 compares to a loss of €19m for the same period in the previous year.
But, according to Aer Lingus net losses narrowed to €13.1m and Christoph Mueller said that the results had been hit mainly by the impact of a cabin crew strike which cost €15m in the first quarter but forecast that the group would turn a profit later in 2011.
Indeed the airline's share price rose by 9.3% in Dublin yesterday in spite of the airline recording this pretax loss.
Aer Lingus said its booking profile into the fourth quarter of the year was strong. Its sales growth in the second half is expected to be similar to the first six months, when revenues rose by 5.8% to €569m.
Andrew Macfarlane said: "We have had a really good second quarter and we are sufficiently confident that we are increasing our guidance for the year."
"Looking ahead at our booking profile we are more confident now about the result for the year than we were earlier.
"We will struggle to do quite as well as we did last year - obviously one of the things we are looking at is the big increase in fuel prices," he added.
(BMcC)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
10 October 2001
Aer Lingus staff told of serious threat to company
Aer Lingus management have sent a letter to staff indicating that the company’s viability is under the most serious threat ever encountered. The Chief Executive of Aer Lingus, Larry Stanley, told staff that the losses faced by the company were “truly staggering”.
Aer Lingus staff told of serious threat to company
Aer Lingus management have sent a letter to staff indicating that the company’s viability is under the most serious threat ever encountered. The Chief Executive of Aer Lingus, Larry Stanley, told staff that the losses faced by the company were “truly staggering”.
09 October 2001
Aer Lingus board meets to discuss rescue plan
The board of Aer Lingus was to meet on Tuesday to discuss the options for a rescue package for the beleaguered Irish airline. It is understood that high on the agenda for the October 9 meeting was the axing of hundreds of jobs, but there were hopes that the Irish government may be prepared to step in with an aid package.
Aer Lingus board meets to discuss rescue plan
The board of Aer Lingus was to meet on Tuesday to discuss the options for a rescue package for the beleaguered Irish airline. It is understood that high on the agenda for the October 9 meeting was the axing of hundreds of jobs, but there were hopes that the Irish government may be prepared to step in with an aid package.
06 November 2009
BA Losses Lead To Job Cuts
British Airways has announced plans to cut and extra 1,200 jobs, after reporting a pre-tax loss of £292 million for the six months of the year until September 2009.
BA Losses Lead To Job Cuts
British Airways has announced plans to cut and extra 1,200 jobs, after reporting a pre-tax loss of £292 million for the six months of the year until September 2009.
28 August 2009
Belfast 'Tele' Reports News Of Losses
Two of Northern Ireland best-known newspapers are making significant losses. They are each being forced to 'report' their own bad news stories as both the world's oldest English language title, the Belfast News Letter and the Belfast Telegraph are suffering plummeting revenues.
Belfast 'Tele' Reports News Of Losses
Two of Northern Ireland best-known newspapers are making significant losses. They are each being forced to 'report' their own bad news stories as both the world's oldest English language title, the Belfast News Letter and the Belfast Telegraph are suffering plummeting revenues.
10 September 2001
Corus reveals £230m losses for half-year
Steel producer Corus, formerly British Steel, has revealed that company pre-tax losses for the last half-year has hit £230 million. The steelmaker, which has already cut thousands of jobs this year, said profits had been damaged by continued losses in the company’s carbon steel operations.
Corus reveals £230m losses for half-year
Steel producer Corus, formerly British Steel, has revealed that company pre-tax losses for the last half-year has hit £230 million. The steelmaker, which has already cut thousands of jobs this year, said profits had been damaged by continued losses in the company’s carbon steel operations.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
