Losses mount at Aer Lingus as it posts €154.8m in the red for FY2009
Losses at Aer Lingus grew 26.8% YoY to reach €154.8m for FY ended December 31 2009 according to the company's year end results published this morning. Operating losses grew 300% YoY to a figure of €81m. Although passenger numbers grew 3.8% to 10.4m average fares fell by 16.8%. On long haul services fares fell 15.9% whilst the corresponding figure for short haul was 12%. The drop in yield along with reduced demand for cargo services saw revenue fall 11% to €1.2bn.
Aer Lingus says that its full year performance in 2010 depends on the implementation of its cost saving program which is expected to generate staff savings of €40m for the year. Commenting on the results, Aer Lingus chief executive Christoph Mueller said that the outlook for 2010 remains uncertain with limited visibility in particular over the second half of the year.