Aer Lingus Q2 profit falls as it slams Ryanair bid

AP News
Posted: Jul 31, 2012 9:19 AM

LONDON (AP) — Irish airline Aer Lingus has reported a 73 percent drop in second quarter pretax profit but predicted that full year profit would at least match its performance last year.

For the six months ending June 30, Aer Lingus reported a pretax profit of €11.4 million ($14 million), down from €42.7 million a year earlier. Revenue was up 6.7 percent to €375 million.

Operating profit was up nearly 18 percent but pretax profit was diminished by a charge of €19.8 million for exceptional items, including €4.3 million for fighting a takeover bid by budget airline Ryanair.

Aer Lingus also published a letter to shareholders urging them to reject Ryanair's bid which values the airline at about €700 million.