BREAKING NEWS today is an formal announcement and preliminary details
of the Aer Lingus privatisation. The much leaked sale is expected to
leave the Irish state with 25% of the once struggling airline, 15% with
an employee trust, and the balance on the London and Dublin stock
markets. UK and Irish subscribers must put up at least E10,000
(”6,750) and others E50,000. Under former boss Willie Walsh, now with
British Airways, the airline has been turned from a loss making full
service carrier to something of an odd ball with a full service
two-class long haul routes to the US and Dubai, plus a ”low cost”
European hub operation mainly from Dublin passengers offered a pay as
you go ”sky caf” menu. Pre-tax profits were E82.6m last year, a much
better performance than the previous 12 months when the airline just
scraped into the black. Turnover actually went down, employment
dropped and passenger numbers increased, despite a fall in turnover
from E907m to E883m. Passenger numbers rose by 15% to 8m but the
payroll was reduced from more than 3,900 to below 3,500. The latest
delay on a European "Open Skies" arrangement with the United States is not considered as too negative, Lingus currently only serving five American cities. http://www.aerlingus.com
