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Aer Lingus posts first-half loss

Aer Lingus posts first-half loss

Irish airline Aer Lingus Group PLC reported a significantly wider net loss for the first half of the year as revenue fell after it slashed fares in a bid to entice passengers amid the economic downturn.
The carrier posted a net loss of ⁈illion ($105.5 million) for the six months to the end of June, down from ⁈illion for the same period a year ago.
Revenue fell 12 percent to ⁈llion from ⁈llion.
Chairman Colm Barrington said Aer Lingus would push ahead with a "wide-ranging" business review to return the airline to profit.
"We must now take difficult but necessary steps to address our business model and cost base," Barrington said in a statement.
"While traffic volumes have stabilised, consumer confidence remains weak and we see no sign of any improvement in the near term," he added.
Average fare prices were 17 percent over the first half. Fuel costs rose 10 percent. The company also said it was impacted by the imposition of a ⁈senger departure tax in Ireland.