Aer Lingus Group PLC (AERL.L) reported second quarter pre-tax profit of 11.4 million euros, lower than 42.7 million euros in the prior-year quarter. The company said prior-year results were restated.
Total revenue grew 6.7% to 374.8 million euros from the prior-year quarter. Total passenger volumes increased 1.2% despite broadly flat year-over-year capacity deployment.
Moving ahead, the company expects that, if current trends continue, operating profit, before net exceptional items, for 2012 will be at least that achieved in 2011.
Aer Lingus is paying its first dividend of three Euro cents a share on 31 July 2012, amounting to approximately 16.0 million euros in aggregate terms. Subject to the above conditions, the Board would also expect to pay an annual dividend of approximately 3 euro cents per share in each of the next two years.
Separately, Aer Lingus Group said it has today written to shareholders outlining its reasons for recommending rejection of Ryanair Holdings plc's (RYAAY: Quote,RYA.L) offer to purchase the whole of the issued and to be issued ordinary share capital of Aer Lingus not already owned by Ryanair.
Aer Lingus Board unanimously recommends that shareholders reject Ryanair's Offer of 1.30 euros per share. The company's board's unanimous view is that Ryanair's Offer to acquire control of Aer Lingus for 1.30 euros per share fundamentally undervalues Aer Lingus. Aer Lingus urged shareholders take no action and do not complete any Form of Acceptance.
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by RTT Staff Writer
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