Aer Lingus Q1 losses almost halved
Aer Lingus' operating losses were down almost 50% in the first three months of this year, it was announced today.
Operating loss for Q1 2010 for the Irish airline was €37.8m compared to €74.8m for Q1 2009.
Total revenues for the period were down 1.8% to €230m from €234m, however.
Average fare per passenger from short haul and long haul operations increased by 3% and 12.4% respectively.
Gross cash balances increased by €90.4m since the end of last year to €918.9m.
"Our Q1 2010 operating result represents a significant improvement over the
corresponding period in 2009," said Aer Lingus CEO Christoph Mueller.
"We have also achieved meaningful progress on several of the key strategic objectives set out at our Investor Day in January.
"We have adopted a disciplined approach to yield management, which has arrested
the decline in average fare per passenger that we experienced in 2009.
"We enhanced our network with the launch of our extended code-share with United
Airlines and the Aer Lingus Regional franchise in March.
"The Greenfield programme is now underway and staff savings with an annual value
of €18m have already been achieved.
"While we are very encouraged by first quarter trading, it is nonetheless appropriate to
remain cautious on full year 2010 performance."
