|€84.4m Profit at Aer Lingus|
|Written by Frank Corr|
|Tuesday, 28 February 2012 09:02|
Aer Lingus posted pre-tax profits of €84.4 million last year, up from €27.2 million in 2010, according to annual results published this morning.
Revenue was up 6 per cent at €1.29 billion, up from €1.22 billion. Operating profit at the airline was €49.1 million compared to an operating profit of €52.5 million in 2010, though the company noted that the operating result was “better than anticipated” at the start of 2011, primarily due to stronger yields.
Overall, the results were in line with estimates. The airline forecast that while profits in 2012 would be below 2011 levels, the airline would remain significantly profitable.
Aer Lingus had a difficult fourth quarter, with operating loss before exceptional items increasing to €17.6 million, compared to an operating loss of €7.7 million for the fourth quarter of 2010.
Chief executive Christoph Mueller, said the results “demonstrates the success of the changes we have made to our business over the past two years.”
Describing 2011 as a difficult year for the airline industry, Aer Lingus said that price inflation was a notable feature of 2011 with the average jet fuel spot price increasing by 40.2 per cent on a year-on-year basis linked to political changes in the Middle East. It said it expects to be exposed to higher non-controllable costs in 2012, particularly elevated fuel costs.