Budget airline Ryanair warns of further pain as profit hits four-year low
DUBLIN - Ryanair reported its weakest annual profit in four years on Monday and said earnings could fall further as European airlines wage what Chief Executive Michael O’Leary described as “attritional fare wars.”
“Our strategy would be to keep adding capacity as quickly as we can in all the markets where we can,” said O’Leary, who has been in charge of Ryanair since 1994. Its 29% fall in after-tax profits to 1.02 billion euros for its financial year to March 31 was in line with investor forecasts. FILE PHOTO: A Ryanair Boeing 737-800 plane takes off from Palma de Mallorca airport in Palma de Mallorca, Spain, July 28, 2018. REUTERS/Paul Hanna/File Photo
“The long-term opportunity is fantastic for a company like Ryanair because that capacity will come out” even if Ryanair has to go through a lot more pain than expected in the meantime, Wittet said. The grounding has forced Ryanair to cut around 1 million seats in the year to March 2020. But it still expects to fly 153 million passengers in the period, up from 139 million last year.
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