Sunday 11 December 2016

Aer Lingus loses €20m as flight ban stays

Colm Heatley

Published 20/04/2010 | 10:07

Grounded: Aer Lingus says it has 'substantial cash reserves and can withstand a sustained closure of airspace'. Photo: Bloomberg News
Grounded: Aer Lingus says it has 'substantial cash reserves and can withstand a sustained closure of airspace'. Photo: Bloomberg News

Aer Lingus said flight cancellations because of volcanic ash cloud have cost the carrier as much as €20m, as the aviation authority detailed a sixth day of flight restrictions.

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The company cancelled about 1,100 flights since April 15, the carrier said today.

Aer Lingus fell 1.4pc to 71 cents in Dublin trading valuing it at €379.2m.

"Going forward, the daily costs will depend on the pattern of cancellations," the company said.

"The group has substantial cash reserves and can withstand a sustained closure of airspace. "

The Irish Aviation Authority said airspace restrictions will apply until at least 1:00pm today because of a renewed eruption of the Icelandic volcano Eyjafjallajökull.

Thousands of flights across Europe have been cancelled, grounding carriers including Ryanair and British Airways.

Ryanair Chief Executive Officer Michael O’Leary said yesterday he expects the financial impact of the volcanic ash cloud to be "material but not significant."

Bloomberg

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