Aer Lingus results for the year so far reports a strong summer for premium class, driving record load factors in business cabins.
Capacity increased by 15pc across both long haul and short haul over the summer, with the largest long haul schedule ever.
Capacity on short-haul routes increased by 14pc, largely driven by passenger trips to Mediterranean destinations in northern Spain, the Greek Islands, and Croatia. Aer Lingus European city routes also performed well.
Revenues at Aer Lingus increased by 16pc in the third quarter of 2023 compared to the same quarter last year, thanks to a busy summer season, bringing passenger numbers back to pre-pandemic levels and despite facing “cost headwinds” as mentioned by IAG (the parent company).
Profits are still 11pc below pre-pandemic levels, mainly due to higher operating costs, increased seasonality, and lingering effects on business travel.
The airline’s operating profit before exceptional items in Q3 amounted to €196m, which was 27pc higher than pre-pandemic levels in 2019.
Parent company IAG reported a record third-quarter profit of €1.7bn. Passenger unit revenue increased by 2.2pc and non-fuel unit costs decreased, leading to a positive operating margin for the company. Discussions with Aer Lingus pilots and maintenance teams are ongoing.
IAG extended the availability of a loan facility until March 2026, and Aer Lingus took delivery of one aircraft, the Airbus A320neo EI-NSC St Fergal, while IAG received a total of 20 aircraft in the first nine months of the year. IAG reported wage agreements with most of employee groups, including all Iberia teams and cabin crew at Aer Lingus, British Airways and Vueling. Discussions are ongoing with pilots at Vueling; and with pilots and maintenance teams at Aer Lingus. A proposal to British Airways pilots is currently subject to a ballot having been recommended by BALPA.On August 23, 2023, the Group extended the availability period for $1.655bn of its $1.755bn Revolving Credit Facility, which is available to British Airways, Iberia and Aer Lingus.
