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Big losses for Irish airline
Irish airline Aer Lingus has reported an operating loss of 93m euros (£81.8m, US$132.4m) for the first half of 2009.
Total revenue declined 12.2 per cent to 555m euros (£488m, US$790.2m), down 12.2 per cent on the 632m euros (£556m, US$900m) it made a year ago. The main reasons for the drop in revenue were a 17 per cent fall in average fares compared with last year, plus a ten per cent increase in fuel costs to euro 189.6m (£167m, US$270m). The "short sighted and counter productive'' imposition of a ten euro passenger departure tax in Ireland was also reported to have had an adverse impact on the results.
Commenting on the figures, the company said: "We expect that the continuation of the current market trends in Ireland will lead to further sustained and significant fare pressure. This dynamic and very challenging environment contributes to a highly uncertain outlook." In a series of moves designed to return the airline to profitability, seating capacity on both long- and short-haul flights has been reduced, various pricing initiatives have been introduced, seven routes have been cancelled and capacity reduced on 24, and an agreement has been arrived at with Airbus over the deferral of deliveries of new aircraft.
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