Aer Lingus lifted full year operating profits 40% to €69.1 million ($93.5 million) in 2012, though one-off restructuring costs dragged its performance down at a pre-tax and net level.
The Irish carrier incurred exceptional costs of €26.4 million for the year ending December 2012, much of it relating to restructuring from the overhaul of its maintenance operations at Shannon and its wider Greenfield cost-cutting programme. As Aer Lingus enjoyed a €37.1 million one-off gain in 2011, this combined to halve its pre-tax profits to €40.6 million in 2012. Net profits for the year were down 52% to €34.1 million.
Aer Lingus' improved operational performance was based on an 8% jump in revenues to €1.4 billion. This was driven by improved load factors and yields, particular on long-haul services.
"I firmly believe that this result, representing our third consecutive year of profitability, validates our value carrier business model and shows that our strategy is delivering a leaner, more efficient and profitable airline, to the benefit of customers, shareholders and staff," says Aer Lingus chief executive Christoph Mueller. "Therefore we are proposing to pay an increased dividend of four cent per share for 2012."