Aer Lingus report pre-tax loss of €119.7 million in 2008; Loss forecast in 2009
Mar 11th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Aer Lingus today reported a pre-tax loss of €119.7 million in 2008 compared with a pre-tax profit of €124.7 million in 2007. Revenue rose 5.6% to €1.36 billion and fuel costs surged 58.4%. The airline said pre-tax profit before exceptional costs of €21.2 million, was achieved despite challenging trading conditions encountered throughout the year. Aer Lingus said a substantive cost saving agreement with staff, which will help the group deliver annualised cost savings of at least €52.0m, commencing in April 2009. A net exceptional cost of €117.5m is included in 2008 for this programme. However, a loss is forecast in 2009.