Bigger Losses For Aer Lingus?

The Irish flag carrier Aer Lingus has said that its 2009 losses will be bigger than expected after a significant fall in first quarter revenues.
The airline, which parted with its former Chief Executive earlier this month, announced that revenue earned between January and March was down 16% on last year’s figures.
Passenger numbers during the first quarter also fell; down 6.5% to two million.
Following the announcements, shares in Aer Lingus fell as much as 20%.
The carrier’s former Chief Executive, Dermot Mannion, resigned on April 6, saying the airline needed fresh ideas. Chairman Colm Barrington has now also taken on the chief executive role.
He said Aer Lingus was struggling “against the backdrop of a severe deterioration in operating conditions”, but that it was “resolute in its objective of reducing operating costs and retaining a strong capital structure.”
The airline says it is continuing with cost-cutting measures.
In January this year it rejected the latest hostile takeover approach from Irish low-cost rival Ryanair, saying it undervalued the company.