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AER LINGUS REPORTS DISAPPOINTING RESULTS FOR ITS AIR TRANSPORT DIVISION

 AER LINGUS REPORTS DISAPPOINTING RESULTS
 FOR ITS AIR TRANSPORT DIVISION
 NEW YORK, July 21 /PRNewswire/ -- Aer Lingus, Ireland's national airline, today announced its financial results for the year ended March 31, 1992.
 The Aer Lingus Group of companies -- which includes air transport operations, airline services companies, a hotels division, and other commercial holdings -- lost a total of 11.8 million Irish Punts (IEP's) or US$14.9 million. The core air transportation business lost IEP 37.9 million ($68.22 million) which was a IEP 4.6 million ($8.3 million) improvement on losses reported a year earlier.
 Aer Lingus Group Chief Executive, Cathal Mullan, in a press conference in Dublin to announce the results, highlighted the following points regarding the air transportation results:
 -- Recessionary influences caused passengers and freight carryings by IATA carriers in 1991 to fall by 4 percent and combined losses of US$4 billion on international scheduled services far outstripped losses of 1990.
 -- The European airline industry fared even worse, with a fall of 6.5 percent on internal European routes and a record 6 percent fall in passenger carryings on transatlantic routes by members of the Association of European Airlines.
 -- Combined carryings of all airlines on the Ireland-London routes fell below the level of the previous year for the first time since 1983.
 -- On its transatlantic routes, Aer Lingus passenger numbers were down 17 percent on 1990/91 and fell below the 1988/89 level. Major contributory factors were the aftermath of the Gulf crisis and the increasing trend among North American travelers to come to Ireland via direct-U.K. routes.
 -- Traffic on internal Ireland routes was down 11 percent, but the airline's Ireland-Continent routes were up 6 percent on the previous year.
 -- Aer Lingus was top of the league in punctuality on both its transatlantic and European routes in 1991, according to the Association of European Airlines.
 -- A further seven new-technology aircraft were added to the airline's fleet in 1991/92, giving it one of the most modern aircraft fleets in Europe.
 -- Classic Service economy class was introduced on transatlantic services to complement the airline's Premier Service business class, thereby offering the highest level of quality customer service to its passengers.
 -- Cargo and mail carried by Aer Lingus fell by 2 percent. However, the cargo division made a net contribution of IEP 6.6 million (US$11.9 million) and is well positioned to meet the challenges ahead with the completion of the single European market.
 John Bastable, the Aer Lingus senior vice president for North America, in his comments on the annual results said "The restoration of the core air transport business to profitability is the key to a successful future for Aer Lingus. This will require all of us to continue to concentrate on the firm control of costs, on marketing and route development initiatives, on longhaul fleet replacement, and on providing quality service to customers to underpin our market leadership."
 -0- 7/21/92 R
 /CONTACT: Jim Lyndon of Aer Lingus, 212-557-1090/ CO: Aer Lingus ST: New York IN: AIR SU: ERN


LD-TM -- NY008 -- 1388 07/21/92 13:31 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
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