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02/06/2009
Ryanair Flies Low
The budget airline Ryanair has revealed financial returns showing a major nosedive in operating profits.
Ryanair plunged into the red by €169.2 million (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.
This is more than its bitter rival - Aer Lingus lost - with the flag-carrier recording a loss of almost €120m in 2008, and is said to be facing another loss this year.
However, Ryanair's figures are stark when compared with a profit of €481 million the previous year.
The loss is also being blamed on a hefty writedown on the value of its substantial investment as co-owner in rival Irish carrier Aer Lingus, as well as facing record oil prices.
The company said it had been forced to write down the value of its 29.8% stake in Aer Lingus by a further €222m, after Aer Lingus' share price fell.
But, despite such bad news earlier this year on its overall financial performance, Aer Lingus has recently been celebrating taking 1m bookings in the 18 months since it began operating from its new Belfast hub.
Rival Ryanair - led by boss Michael O'Leary - said it also hoped to see a recovery in the current year, forecasting after tax profits to "at least double" thanks to expected lower fuel costs.
The firm said its fuel costs rose to €1.26bn from €791.3m a year before, as oil prices hit records last summer.
Ryanair's loss was larger than analysts had expected, but by 'stripping out' the impact of the Aer Lingus write down, and other one-off factors, Ryanair made a profit of €105m euros - although still a 78% fall on a year earlier.
Ryanair has had two takeover approaches for Aer Lingus rejected since 2006, the last being turned down in January by the Irish government, which is Aer Lingus' second-largest shareholder.
Ryanair Chief Executive Michael O'Leary recently said that the former flag carrier would be bankrupt within 18 months - despite being a major shareholder.
Ryanair lodged formal complaints with Irish and UK financial authorities alleging Aer Lingus misled the market by presenting overly optimistic forecasts after Ryanair withdrew its takeover bid last year.
See: Aer Lingus Dismisses 'Bankrupt' Claim
See: Aer Lingus Soars With 1m Passengers
Ryanair plunged into the red by €169.2 million (£145.9m) in the year to March after being hit with a 59% hike in its fuel bill.
This is more than its bitter rival - Aer Lingus lost - with the flag-carrier recording a loss of almost €120m in 2008, and is said to be facing another loss this year.
However, Ryanair's figures are stark when compared with a profit of €481 million the previous year.
The loss is also being blamed on a hefty writedown on the value of its substantial investment as co-owner in rival Irish carrier Aer Lingus, as well as facing record oil prices.
The company said it had been forced to write down the value of its 29.8% stake in Aer Lingus by a further €222m, after Aer Lingus' share price fell.
But, despite such bad news earlier this year on its overall financial performance, Aer Lingus has recently been celebrating taking 1m bookings in the 18 months since it began operating from its new Belfast hub.
Rival Ryanair - led by boss Michael O'Leary - said it also hoped to see a recovery in the current year, forecasting after tax profits to "at least double" thanks to expected lower fuel costs.
The firm said its fuel costs rose to €1.26bn from €791.3m a year before, as oil prices hit records last summer.
Ryanair's loss was larger than analysts had expected, but by 'stripping out' the impact of the Aer Lingus write down, and other one-off factors, Ryanair made a profit of €105m euros - although still a 78% fall on a year earlier.
Ryanair has had two takeover approaches for Aer Lingus rejected since 2006, the last being turned down in January by the Irish government, which is Aer Lingus' second-largest shareholder.
Ryanair Chief Executive Michael O'Leary recently said that the former flag carrier would be bankrupt within 18 months - despite being a major shareholder.
Ryanair lodged formal complaints with Irish and UK financial authorities alleging Aer Lingus misled the market by presenting overly optimistic forecasts after Ryanair withdrew its takeover bid last year.
See: Aer Lingus Dismisses 'Bankrupt' Claim
See: Aer Lingus Soars With 1m Passengers
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05 November 2012
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Aer Arann To Suspend Services From Waterford Airport
Aer Arann, operating as Aer Lingus Regional, is to suspend its services at Waterford Airport with effect from 6 January, 2013. The routes affected will be Aer Lingus Regional services from Waterford Airport to London Southend, London Luton and Manchester. The airline will continue to operate as normal from Waterford up to 6 January, 2013.
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Arann Flies To Scotland With Aer Lingus
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Arann Flies To Scotland With Aer Lingus
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11 March 2009
Ryanair To Give Away Free Flights After Aer Lingus Losses
Ryanair have promised over 100,000 free flights as Aer Lingus announced pre-tax losses of almost €120million on Wednesday. Ireland's second biggest airline reported an after-tax loss of €107.8 million. The company claimed "unprecedented high fuel prices" last year resulted in a 54% increase in fuel costs.
Ryanair To Give Away Free Flights After Aer Lingus Losses
Ryanair have promised over 100,000 free flights as Aer Lingus announced pre-tax losses of almost €120million on Wednesday. Ireland's second biggest airline reported an after-tax loss of €107.8 million. The company claimed "unprecedented high fuel prices" last year resulted in a 54% increase in fuel costs.
06 March 2009
Aer Lingus Reports Fall In Flyer Numbers
Aer Lingus has reported its passenger numbers were down 8.4% last month compared to February of last year. The company says it carried 688,000 passengers during the month with passenger numbers on short-haul routes down 8% to 620,0000. Meanwhile the figure for long-haul services was down 11.7% to 68,000.
Aer Lingus Reports Fall In Flyer Numbers
Aer Lingus has reported its passenger numbers were down 8.4% last month compared to February of last year. The company says it carried 688,000 passengers during the month with passenger numbers on short-haul routes down 8% to 620,0000. Meanwhile the figure for long-haul services was down 11.7% to 68,000.
05 July 2016
French ATC Strike Forces Ryanair And Aer Lingus Flight Cancellations
A French air traffic control (ATC) strike has forced Ryanair and Aer Lingus to cancel a number of flights to and from France and Spain today, 05 July. Ryanair cancelled 102 flights, while Aer Lingus had to cancel eight flights after the French ATC began their 13th strike in 14 weeks.
French ATC Strike Forces Ryanair And Aer Lingus Flight Cancellations
A French air traffic control (ATC) strike has forced Ryanair and Aer Lingus to cancel a number of flights to and from France and Spain today, 05 July. Ryanair cancelled 102 flights, while Aer Lingus had to cancel eight flights after the French ATC began their 13th strike in 14 weeks.
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Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
