David Paul, Managing Director of VectorVest in the UK joined us to talk through stock picking fundamentals, technical analysis and more. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

UPDATE 1-Losing 1 mln euros a day, Aer Lingus sees no big summer bounce

Tue, 22nd Jun 2021 11:11

* Ireland to ease EU's toughest travel curbs from July 19

* Aer Lingus in talks with state, parent group on liquidity

* Airline cannot give assurances on no further job losses
(Adds detail, quotes)

By Padraic Halpin

DUBLIN, June 22 (Reuters) - Aer Lingus is losing more than 1
million euros ($1.19 million) a day and does not expect the
Irish government's plan to ease travel restrictions next month
will give it a significant near term bounce, its new chief
executive said on Tuesday.

Ireland now has the strictest travel curbs in the European
Union but will adopt the EU's COVID-19 certificate to help
citizens to move more freely across the bloc from July 19.

It will broadly apply the same approach to the key markets
of Britain and the United States.

The Irish airline, which like British Airways and Iberia is
owned by International Airlines Group, said last month
it would close its cabin crew base at one of Ireland's largest
airports and impose cuts and layoffs across the company as part
of a restructuring.

"It is looking too little too late to have a significant
bounce that will get us on the right path to restoring
connectivity, supporting jobs in the near term," Lynne Embleton
told an Irish parliamentary committee, citing continued curbs
for unvaccinated travellers from Britain and the United States.

Embleton said the decision to close its base at Shannon
Airport, one of its four main domestic hubs, did not signal a
strategic retreat from Ireland's regions. But she said she could
not give assurances there would be no more job losses.

The carrier, which lost 103 million euros in the first three
months of 2021, was in talks with its parent firm and Ireland's
government about potential further liquidity, she said.

It received a 150 million euro loan from Ireland's sovereign
wealth fund last year.

"From the day we stop burning cash, that's not the end of
our problems. We need to repay the debt, repay the interest,
restore the balance sheet and have the money to be able to pay
for aircraft," said Embleton.

"We will be smaller for some time to come unfortunately and
it will take a long time to fully recover," she said.

($1 = 0.8406 euros)
(Reporting by Padraic Halpin; Editing by Louise Heavens and
Edmund Blair)

Related Shares

More News

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

23 Jul 21 16:12

LONDON MARKET MIDDAY: Next leads charge as FTSE 100 rebounds

LONDON MARKET MIDDAY: Next leads charge as FTSE 100 rebounds

21 Jul 21 12:11

TOP NEWS: UK aviation group loses bid for transparency on Covid rules

TOP NEWS: UK aviation group loses bid for transparency on Covid rules

20 Jul 21 19:26

LONDON MARKET MIDDAY: Market rebound slows as variant worry lingers

LONDON MARKET MIDDAY: Market rebound slows as variant worry lingers

20 Jul 21 12:06

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.