Aer Lingus will not publish 2009 earnings tomorrow as planned, a source said today, as management worked to overcome union resistance to cost cuts.
“I expect it won’t be published tomorrow,” the source said. “Further confirmation is expected later in the day.”
On Friday, cabin crew rejected a cost savings plan recommended by their trade union and proposed by the carrier to stop it burning through its cash reserves.
Aer Lingus, which has fended off two hostile bids by rival Ryanair, wants to reduce its annual operating costs by €97 million euros ($132.7 million) by shedding up to a fifth of staff.
The company is expected to announce a 2009 operating loss of €87.7 million, in-house broker Goodbody said.
The airline said on Friday its pilots and middle management voted in favour of the plan and that it would comment on the results once it receives the remaining ballots of ground, support and maintenance staff, expected to be returned on Monday.
If it did not get agreement from unions, Aer Lingus has said it would push ahead with an alternative plan to streamline the company by imposing more redundancies and on a compulsory basis.
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