Aer Lingus net profit soars to €69.2m

AER LINGUS saw its net profits nearly double last year as further cost cuts and a 6% rise in passenger traffic moved earnings higher.

The State-owned carrier said its net profit last year was up 96% to €69.2 million. At operating level, profits were up 30% to €83m, ahead of the €75m target for the year.

According to the airline's chief executive Willie Walsh the profit was achieved due to a sharp fall in its cost base, with €89m in costs stripped out during 2003 and €344m since the airline was restructured in the wake of the September 11 attacks.