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Aer Lingus targets savings as profits flatten

Aer Lingus will cut more jobs as it embarks on a 30-million euro savings plan, the Irish airline said Monday as it forecast stable operating profits for 2014. The outlook came as Aer Lingus said its net profit edged up to 34.1 million euros ($46.86 million) in 2013 from 33.9 million euros a year earlier. Operating profit was in line with previous guidance but down 11.6 percent to 61.1 million euros, the group said in its annual results statement. Aer Lingus said it expected an operating profit "broadly in line" with 2013.

Aer Lingus targets savings as profits flatten

Aer Lingus expects stable operating profits this year alongside a 30-million-euro savings plan which will slash jobs, the Irish airline said on Monday. The outlook came as Aer Lingus said its net profit edged up to 34.1 million euros ($46.86 million) in 2013 from 33.9 million euros a year earlier. Operating profit was down 11.6 percent to 61.1 million euros, the group said in its annual results statement. Aer Lingus said it expected an operating profit "broadly in line" with 2013. Sales meanwhile rose 2.3 percent last year to reach 1.425 billion euros.

Irish airline Aer Lingus announces new savings plan

Irish airline Aer Lingus on Monday said it expected stable operating profits this year alongside a new savings plan that was expected to result in fewer jobs. The outlook came as Aer Lingus said its net profit edged up to 34.1 million euros ($46.86 million) in 2013 from 33.9 million euros a year earlier. Operating profit was down 11.6 percent to 61.1 million euros, the group said in a statement. Aer Lingus said it expects an operating profit "broadly in line" with 2013. Sales were up 2.3 percent last year to 1.425 billion euros.

Aer Lingus union threatens industrial action over pensions

DUBLIN (Reuters) - Aer Lingus' <AERL.I> largest trade union is to ballot for industrial action after talks broke down over a shortfall in a staff pension scheme, a union official said on Friday. The pension scheme, which employees at Aer Lingus share with other aviation industry workers, has a deficit of over 700 million euros ($956 million). Aer Lingus says it is not legally obliged to help fund the scheme, but has offered to make a once-off payment of 140 million euros to the scheme, a figure SIPTU says is not sufficient.

Aer Lingus maintains profit forecast after warning

Aer Lingus on Tuesday maintained its annual profits forecast after recently cutting its estimate, as the Irish airline delivered a rise in third-quarter earnings. Aer Lingus posted an operating profit of 94.9 million euros ($128 million) in the three months to the end of September, up 4.4 percent compared with the third quarter of 2012. "We maintain our current guidance for full year 2013 operating profit, before net exceptional items, to be around 60 million euros,"chief executive Christoph Mueller said in a results statement and following a recent profits warning.

European stocks tread water on mixed US data

Europe's leading stock markets closed broadly flat on Friday as traders pored over key US economic data for clues on when the Federal Reserve will start scaling back its huge stimulus programme. At the close, London's benchmark FTSE 100 index fell 0.08 percent at 6,583.8 points. Frankfurt's DAX 30 firmed 0.18 percent to 8,509.42 points and the CAC 40 in Paris gained 0.19 percent to 4,114.5 points. "In focus are the retail sales numbers and consumer sentiment from the US," said Gekko Markets trader Anita Paluch.

European stocks tread water on mixed US data

Europe's leading stock markets treaded water Friday as traders pored over key US economic data for clues on when the Federal Reserve will start scaling back its huge stimulus programme. London's benchmark FTSE 100 index retreated 0.28 percent to stand at 6,570.44 points in afternoon deals. But Frankfurt's DAX 30 added 0.07 percent to 8,499.62 points while the CAC 40 in Paris drifted down 0.01 percent to 4,106.51 points.

Ryanair must slash Aer Lingus stake, watchdog confirms

Irish no-frills airline Ryanair must cut its minority holding in rival Aer Lingus, Britain's Competition Commission watchdog said Wednesday, confirming an earlier preliminary ruling. "Ryanair Holdings plc (Ryanair) will be required to sell its 29.8-percent stake in Aer Lingus Group plc down to five percent," the commission said in a statement.

Aer Lingus reports deeper dive into loss

Irish airline Aer Lingus said on Wednesday that net losses widened to 23.54 million euros ($31.17 million) in the first half of 2013. The shortfall, suffered in the six months to the end of June, compared with a loss after taxation of 21.87 million euros in the same period of 2012, Aer Lingus said in a results statement. Operating losses almost quadrupled to 16.4 million euros in the reporting period, but revenues grew 5.0 percent to 657.9 million euros. The losses were offset somewhat by an income tax credit of almost 5.0 million euros.

Aer Lingus expects pension resolution this year

DUBLIN (Reuters) - Aer Lingus expects to resolve a dispute with unions over a shortfall in a pension fund this year, though it is too soon to say how much the airline will need to contribute, Chief Executive Christoph Mueller said on Thursday. "I am quite confident we are going to see an outcome of this entire issue in 2013," Mueller told journalists, saying a ruling by the Labour Relations Commission possible within weeks would then be voted on by unions and shareholders.
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