Share in Irish airline on the rise
Nov. 4, 2011, Dublin, Ire. - Shares in Aer Lingus are rising after the Irish airline unveiled a better-than-expected quarterly profit and projected a healthy operating profit for the full year.
Aer Lingus says its operating profit in the July-September quarter rose 14 per cent to C94.5 million ($129.5 million) versus the same quarter of 2010. Sales rose 5.9 per cent to C436 million ($597 million).
Thursday's trading statement offers no net figures. It says full-year 2011 profits are expected to reach the upper limit of analysts' forecasts but does not specify a figure.
Aer Lingus shares rose 8 per cent to C0.70 ($0.96).
Aer Lingus is locked in a head-to-head battle with industry heavyweight Ryanair on Irish short-haul routes. Ryanair also is Aer Lingus' largest shareholder.