Aer Lingus has reported pre-tax losses of €154.8m for the year ending December 2009, a 26.8% increase on the €122.1m loss reported the previous year.
The airline reported operating losses of €81m for last year as it published its annual results in full. This was a massive 300% increase on the operating losses of €20m in 2008. The results had been delayed due to industrial relations problems at the airline.
Total revenues for the year fell by 11% to €1.2 billion, with a strong performance in ancillary revenues offset by reduced passenger fare and cargo revenues.
Aer Lingus said that total passenger numbers were up 3.8% to 10.4 million, while average fares for the year fell by 16.8%. This consisted of a 12% fall on short haul fares and a 15.9% on long haul fares.
Aer Lingus said that trading in the first three months of 2010 has been ahead of the same time last year but it added that trading conditions remain extremely challenging and it has only limited visibility over the second half of the year
It said the group's full year performance really depends on the successful implementation of its recently announced cost reduction programme. After the cabin crew voted in a second ballot to accept the cost cutting plan, Aer Lingus says its expects to get staff cost savings of €40m this year.
'The outlook for 2010 remains uncertain with limited visibility over the second half of 2010 in particular,' commented Aer Lingus CEO Christoph Mueller.
'However, we are satisfied that we have started the process of improving yields while implementing the necessary cost reduction programme,' he added.
Aer Lingus shares closed 4% higher at 75 cent in Dublin this evening.
