Ryanair reported its weakest annual profit in four years on Monday and said earn...
DUBLIN - Ryanair reported its weakest annual profit in four years on Monday and said earnings could fall further next year as Europe suffers what chief executive Michael O’Leary described as “attritional fare wars.”
Europe’s largest low-cost carrier, which had already flagged a sharp fall in profitability in two warnings last year, saw after-tax profits fall to 1.02 billion euros for its financial year to March 31 from 1.45 billion euros the previous year. The profit forecast is “disappointing” compared to market expectations, Liberum analyst Gerald Khoo said in a note, pointing to continued increases in non-fuel costs, forecast by Ryanair to hit 2% in the coming year, as “the main disappointment.”Several rival airlines have warned of a worse trading environment - partly due to overcapacity and partly because European travelers are holding off booking their summer holidays for fear of how the Brexit process will pan out.
“However it is clear in my mind that within the next four of five years we will see the emergence of four or five large European airline groups... with much more capacity discipline ...and some upward pressure on pricing,” he said. It expects most of the first batch of around 50 aircraft to be flying by next summer, Chief Executive Michel O’Leary said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Democratic leaders back Muslim lawmaker after Holocaust commentsU.S. Democratic leaders on Monday rallied behind a freshman lawmaker on Monday a...
Read more »
Democratic leaders back Muslim lawmaker after Holocaust commentsU.S. Democratic leaders on Monday rallied behind a freshman lawmaker on Monday a...
Read more »
Five dead, another missing after Alaska float planes collide mid-air MondayTen people are hospitalized, including one who is in critical condition following the crash of two sightseeing cruise planes near Ketchikan.
Read more »
Dow plunges more than 700 points intraday Monday as trade-related stock-market losses gather steamThe stock market on Monday touched an intraday low, with the Dow sinking over 700 points amid escalating U.S.-China trade aggressions that have roiled...
Read more »
Brexit talks between UK government and Labour to resume on MondayTalks between the British government and the opposition Labour Party to try to f...
Read more »
Life-threatening tornado outbreak, flash flooding possible Monday in Southern PlainsGet breaking national and world news, broadcast video coverage, and exclusive interviews. Find the top news online at ABC news.
Read more »
Dozens of tornadoes have struck the Plains since Friday, with a serious outbreak feared on MondayEnormous hail, destructive winds, and potentially strong tornadoes could target parts of Oklahoma, Kansas and Texas.
Read more »
Stocks end higher, reclaiming portion of ground lost in Monday routStocks closed with gains, but off session highs, on Tuesday, reclaiming a portion of the ground lost in the previous session's rout, which marked the biggest...
Read more »
Narrow Gaps In Bathroom Stall Doors To Be Widened MondayWASHINGTON—Introducing a new measure set to be implemented nationwide, officials announced that gaps in restroom stall doors in American workplaces, restaurants, schools, theaters, and all other public places will be made wider by the start of business Monday morning. “We ask citizens to bear with us as we modernize every toilet stall in the country by doubling the width of the gap between each door and its surrounding frame,” Health and Human Services Secretary Kathleen Sebelius said of the sweeping, mandatory initiative. “The inconvenience should only last a few hours—just long enough to reduce the overall height of the stalls by several inches and retrofit the doors so they are slightly translucent and feature no locking bolt. Then you may all get on with your lives.” Sebelius added that her department unfortunately does not have room in its budget to pay for the lubrication of the country’s glory holes, but said an effort would be made to sand down any sharp edges that are found.
Read more »