Business

Irish airline Aer Lingus said today that despite 2010 being a difficult year, it turned its business around and made profits of €56.7m, compared to an operating loss of €154.8m in 2009. The airline said that its changed business strategy led to the turnaround, despite economic conditions. Average yields per passenger were up 12pc and operating profit was up to €56.7m. The airline’s transatlantic business returned to profitability and the Greenfield agreement delivered over €41m in savings. However, all was not good news in the company’s full-year results’ statement this morning. Passenger numbers were down 10pc for the year, which Aer Lingus said was due to the negative impact of…

Online insurance provider Chill Insurance will create 100 new jobs in Dublin over the next three years, it announced today. The South Dublin-based company, which operates the chill.ie website, said the jobs will be created as part of the firm’s expansion plans. It said it wants to grow online sales of a range of insurance products. Recruitment will begin immediately for positions in insurance and technology. New back office roles will also be created to cope with an increased volume of business and higher traffic through the company’s website and its Blackrock call centre. The company, which is based in Blackrock, Co Dublin, has 40 years of broker experience through…

Irish food producers Kerry Group has reported pre-tax profits of €392.8m for the year ending December 2010. Despite an increase in input costs, the results show a marked increase from 2009 profits of €251.9m. Sales in the year increased by almost 10pc and the company experienced strong volume growth in both established and emerging markets. However, in Ireland conditions remained challenging as the consumer continued to shop cautiously. The board is recommending a final dividend of 20cent per share, up 15.6pc on 2009’s final dividend. When added to the interim dividend of 8.8cent per share, this brings the total dividend for the year to 28.8cent per share, up 15.2pc on…

Despite the rising costs of raw materials, Nestlé has reported net profits of €24.98bn, a substantial increase on 2009 figures. Profits were boosted by the sale of a stake in eyecare specialist Alcon to healthcare firm Novartis for 24.5bn Swiss francs. Overall sales grew by 6.2pc, driven primarily by strong demand in emerging markets. Organic growth for Food and Beverages was 5.7pc in the Americas, 3.7pc in Europe and 10.2pc in Asia, Oceania and Africa, while it was stood at 11.5pc in emerging markets. The company maintained it could reach its targets of between 5 and 6pc growth in 2011 despite the “uncertainties” of the food market and rising input…

Bank of Ireland is set to raise about €45m in capital as it exchanges some unsubordinated bonds for Government-guaranteed bonds. The bank announced the offer last week, which allowed holders of its Canadian Dollar Lower Tier 2 securities, to exchange these bonds for Government guaranteed senior securities. Holders of about C$138m of the junior bonds (38pc) took up the offer to swap their securities for smaller but guaranteed bonds. The new bonds will be in both euro and Canadian dollars. The move comes as the bank try to raise enough capital to meet new Central Bank requirements by the end of February.

Abercrombie & Fitch will likely confirm it will move into the old Habitat building on College Green next week, according to reports today in The Irish Times. One of the most popular clothing brands amongst Ireland’s teens and college-going twenty-something’s is set to open its first ever Irish store. The US fashion retailer is famous for its preppy designs and good-looking models. Despite not having an Irish outlet and charging substantial prices for its outfits, Abercrombie & Fitch has become massively popular with the youth of Ireland. The retailer’s store on Fifth Avenue in New York often features a queue of Irish shoppers outside. The Irish Times confirms that the…

Budget airline Ryanair has said it will add 11 new routes to its summer Marseille schedule. The extended summer timetable will see two extra aircraft working at the airport in Marseille between April and September. The airline closed its Marseille base in January but continues to operate routes to and from the city from other bases. It has taken a case in the European Courts against the French decree that forces Ryanair’s Irish crew to pay tax and social insurance in France. Ryanair released one million €8 seats for travel in late February and March. Speaking today in Marseille, CEO Michael O’Leary said: “Ryanair is pleased to announce this expanded…

Aer Lingus Cancels 20 Flights Amid Ongoing Cabin Crew Dispute Aer Lingus has cancelled 20 scheduled flights today as a result of an ongoing dispute with cabin crew staff. Talks resume between the airline’s management and the worker’s trade unions at the Labour Relations Commission today. Dispute Centers on New Rosters and Working Hours The dispute, which has now entered its third week, centres on new rosters which ask each cabin crew member to fly at least 850 hours per year. Impact, the trade union representing the workers, has said that the contracts contravene the Greenfield agreement which was signed last year. Impact of Disciplinary Procedures on Resolution Talks So…

A receiver has been appointed to South Dublin Motors Ltd and the company has ceased trading, resulting in the loss of 41 jobs. The company was one of the largest Ford dealerships in Ireland with showrooms in Tallaght and Rathfarnham. Kieran Wallace of KPMG has been appointed as the receiver to company. The firm’s rental division, which had 1,500 Ford vehicles, has also stopped operations. Armada Fleet Services, a related company to South Dublin Motors, continues to trade as normal and will be unaffected by today’s announcement. The most recent audited accounts to December 31, 2008 reported losses in excess of €1m for the year and no accounts have been…

Ten laptops were stolen from the Revenue Commissioners office on the Navan Road last night. It is understood that three men were involved in the robbery at Ashtown, during which 10 laptops were taken. The Data Protection Commissioner has now launched an investigation as it is unclear what information was stored on the computers. The commissioner, Billy Hawkes, wants to establish if any data stored was of a sensitive nature. The Revenue said all of its laptops, including the stolen ones, are encrypted. However, Hawkes will look to confirm the security measures were sufficient to ensure privacy of personal information. Meanwhile, today is Data Protection Day which aims to let…