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Aer Lingus 2010 results

  • 28-02-2011 1:19pm
    #1
    Dacian
    Registered Users, Registered Users 2 Posts: 812 ✭✭✭


    http://www.irishtimes.com/newspaper/breaking/2011/0228/breaking7.html
    http://www.independent.ie/business/irish/aer-lingus-returns-to-profit-2559297.html

    28/02/11
    Aer Lingus publishes 2010 full year results

    Highlights:
    -€57M operating profit with 10% fewer passenger than 2009.

    -Inclusion of €32M exceptional payment to cover penalties incurred over the 2008 redundancy scheme enacted by the previous CEO.

    -Transatlantic services profitable again.

    -Costs reduced by 10% (After 15 months of the Greenfield plan)

    -After tax profit of €30.4M.

    -2009 results were €81M operating loss with a net €150M total loss.


    "Aer Lingus generated a positive operating result of €57.6 million in 2010. This result represents a swing in profitability of €138.6 million compared to 2009 and has been achieved despite adverse economic conditions in our core Irish market and significant operational challenges caused by volcanic ash and weather related disruptions in 2010," said chief executive Christoph Mueller.

    "We expect significant challenges in 2011, with trading for the year likely to be impacted by fuel price inflation and increased airport charges in combination with difficult conditions in our home market. We do not expect that improvements in yield performance and ongoing cost savings can offset these increased costs. If current fuel prices persist, we expect that 2011 operating profit will be significantly below that of 2010."


Comments

  • #2
    FlutterinBantam
    Closed Accounts Posts: 14,575 ✭✭✭✭FlutterinBantam


    Dacian wrote: »
    http://www.irishtimes.com/newspaper/breaking/2011/0228/breaking7.html
    http://www.independent.ie/business/irish/aer-lingus-returns-to-profit-2559297.html

    28/02/11
    Aer Lingus publishes 2010 full year results

    Highlights:
    -€57M operating profit with 10% fewer passenger than 2009.

    -Inclusion of €32M exceptional payment to cover penalties incurred over the 2008 redundancy scheme enacted by the previous CEO.

    -Transatlantic services profitable again.

    -Costs reduced by 10% (After 15 months of the Greenfield plan)

    -After tax profit of €30.4M.

    -2009 results were €81M operating loss with a net €150M total loss.


    "Aer Lingus generated a positive operating result of €57.6 million in 2010. This result represents a swing in profitability of €138.6 million compared to 2009 and has been achieved despite adverse economic conditions in our core Irish market and significant operational challenges caused by volcanic ash and weather related disruptions in 2010," said chief executive Christoph Mueller.

    "We expect significant challenges in 2011, with trading for the year likely to be impacted by fuel price inflation and increased airport charges in combination with difficult conditions in our home market. We do not expect that improvements in yield performance and ongoing cost savings can offset these increased costs. If current fuel prices persist, we expect that 2011 operating profit will be significantly below that of 2010."

    Nice to hear that, cost base still has a way to go I would surmise, but nice to hear good news from there for a change.


    Looks like the workforce have heard the message!!


  • #3
    Dacian
    Registered Users, Registered Users 2 Posts: 812 ✭✭✭Dacian


    FlutterinBantam wrote: »
    ...Looks like the workforce have heard the message!!
    The swing of 138M in operating costs can be attributed to the reduction of cost base by the staff making concessions for the airline.

    Reading the full results there is still no move on the integration and streamlining of IT and procurement process. Along with a "40% reduction in back office staff" this next stage should deliver the targeted savings under Greenfield.

    30M clear profit in a severe operating environment after a previous CEO had messed up the economics is a great endorsement of Muellers plan.

    Not we just need to do an election and remove all the bumbling middle managers who clog the company up with red tape and bueracracy.


  • #4
    FlutterinBantam
    Closed Accounts Posts: 14,575 ✭✭✭✭FlutterinBantam


    Dacian wrote: »
    The swing of 138M in operating costs can be attributed to the reduction of cost base by the staff making concessions for the airline.

    Reading the full results there is still no move on the integration and streamlining of IT and procurement process. Along with a "40% reduction in back office staff" this next stage should deliver the targeted savings under Greenfield.

    30M clear profit in a severe operating environment after a previous CEO had messed up the economics is a great endorsement of Muellers plan.

    Not we just need to do an election and remove all the bumbling middle managers who clog the company up with red tape and bueracracy.


    Cannot argue with that summation.

    Fuel costs(potential) seem to be the only 'fly in the ointment' right now.


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