Aer Lingus operating loss widens in 1Q2011, still expects to be profitable in 2011
Aer Lingus revenue down 5% - financial highlights for the three months ended 31-Mar-2011:
- Revenue: EUR217.9 million, -4.8% year-on-year;
- Ancillary: EUR32.5 million, -15.1%;
- Total operating costs: EUR271.6 million, +1.8%;
- Labour: EUR61.1 million, -9.2%;
- Fuel: EUR52.2 million, -4.9%;
- Operating profit (loss): (EUR55.9 million), compared with a loss of EUR37.9 million in p-c-p;
- Passenger numbers: 1.8 million, -11.6%;
- Passenger load factor: 66.6%, -2.5 ppts;
- Average yield per passenger: EUR97.96, +9.0%;
- Short-haul: EUR81.03, +9.0%;
- Long-haul: EUR282.88, +10.7%.
- Cash balance: EUR925.1 million, +4.5% when compared to period ended 31-Dec-2010;
- Gross debt: EUR547.7 million, +2.3% when compared to period ended 31-Dec-2010. [more]
Aer Lingus: “While we still expect that Aer Lingus will be profitable in 2011, we expect that the level of profitability will be much lower than in 2010. In light of the continued weakness of the Irish economy and pressures on non-controllable costs, we are assessing whether the Greenfield cost reduction programme is sufficient to protect profitability for the future or whether further measures are required,” Christoph Mueller, CEO. Source: Aer Lingus, 05-May-2011.