Arab Today, arab today aer lingus shares dive on profitwarning
Last Updated : GMT 05:53:39
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Aer Lingus shares dive on profit-warning

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Arab Today, arab today Aer Lingus shares dive on profit-warning

Dublin - AFP

Ireland\'s Aer Lingus issued a shock profit-warning on Friday, sending its share price tumbling amid worries for the country\'s airline sector after a recent similar announcement from rival Ryanair. Aer Lingus cut its 2013 net profit forecast to about 60 million euros ($80 million) as hot summer weather in Ireland and the neighbouring United Kingdom hit demand for holidays abroad, it said in a statement. The group\'s previous guidance had been for annual profit after tax of about 69 million euros. Aer Lingus shares plunged 8.52 percent to stand at 1.45 euros approaching midday in Dublin. Ireland\'s stock market was down 0.45 percent overall. \"The current booking profile for the rest of the year suggests that despite more aggressive pricing in response to market conditions, it will not be possible to recover lost volumes experienced in July and August as a result of the warm weather,\" Aer Lingus said in the trading update. The carrier said it was facing an \"intensely competitive pricing environment\" that was weighing on last-minute bookings. The news comes after Ryanair last week said its annual net profits could miss forecasts owing to intense competition and falling airfares. Ryanair owns 29.82 percent of Aer Lingus but last month the minority stakeholder was ordered by British regulators to slash its share to 5.0 percent, on grounds of unfair competition.

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