Aer Lingus, one of the only profitable national carriers in Europe, posted a record operating profit for 2004 but retained little of the profits largely due to the generous severance packages it offered that year to 1300 employees to take early retirement. Streamlining efforts, undertaken to reinforce the airline's recovery from near bankruptcy, were accounted for in last year's figures but the carrier has been unable to follow through on cost cutting measures including implementation of more efficient work practices.
See "Layoff costs cut Aer Lingus profit", Brian Lavery, International Herald Tribune, April 14, 2005