New Zealand boosts defence spend to US$6.6 billion and vows increased closeness with Australia
This budget will be spent over the next four years and nearly doubles the country’s defence spending as part of GDP to 2%.
Aer Lingus posts ?81m operating loss
Aer Lingus Group has released an unaudited trading update for the year ended 31 December 2009 indicating that losses deepened considerably last year.
The airline suffered a total revenue decline of 11.0% to €1,205.7 million compared with €1,355.0 million in 2008, with strong performance in ancillary revenues being offset by reduced passenger fare and cargo revenue. Capacity was reduced by 5.1% in 2009 but the total numbers of passengers was up 3.8% to 10.4 million.
The operating loss, before exceptional items, was €81.0 million, compared with €20.0 million in 2008. This represents an operating loss before exceptional items of €93.0 million in the first six months of 2009 followed by a second half operating profit before exceptional items of €12.0 million.
Aer Lingus released the brief trading update after it deferred the release of its preliminary results for the year ended 31 December 2009. Those preliminary results contained a restructuring charge consistent with the agreements reached with union representatives, and recommended by them to their members, in relation to the Company's planned €97 million cost savings programme. Following the outcome of recent staff ballots, however, it has become necessary to revise the provision for restructuring costs and amend the preliminary results accordingly.
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