Revenue rise for Aer Lingus in loss-making first half of year
Despite rising revenues, Aer Lingus has today reported a pre-tax loss of €24.5m for the first half of the year despite.
Traditionally loss-making on a seasonal basis, the airline reported a 83.6% reduction it its operating loss compared to the prior year however, with operating losses of €4.4m in H1 2012 compared to €26.8m in H1 2011.
Total H1 revenue increased by 10.1% compared to prior year.
Yield per passenger up 5.3% while passenger numbers increased by 1.2%.
Long haul performance in H1 saw volumes and yield up 11% and 9%, respectively, compared to prior year.
Retail revenue increased by 9% in the first half. Aer Lingus has €1.0499bn in gross cash.
"Aer Lingus has produced a good trading performance in the seasonally weak first half of 2012," said Aer Lingus CEO Christoph Mueller.
"The Group’s operating loss of €4.4m represents a significant improvement over the prior year. These results clearly demonstrate that our strategy of building a leaner and more efficient Aer Lingus is working.
"Since 2009, the Aer Lingus staff and management team have delivered significant and successful change to the business.
"These changes include the re-positioning of our business to serve underlying demand, gains in market share and significant ongoing cost reduction leading to a return to profitability.
"This turnaround in performance since 2009 along with the payment of our first dividend since the 2006 IPO, demonstrate that Aer Lingus is committed to delivering value. We will continue to focus on improving our operational and financial performance during the key summer travel months of 2012.
"If current trends continue, Aer Lingus’ operating profit, before net exceptional items, for 2012 will be at least that achieved in 2011 (€49.1m)."
