Ryanair falls to loss in third quarter as fares fall
Ryanair falls to loss in third quarter as fares fall
Incoming Ryanair chairman Stan McCarthy
05 February, 2019, 20:28
The latter was caused by excess winter capacity in Europe, Ryanair said.
"Stan will bring his enormous worldwide experience (as a former CEO of Kerry Group) and leadership skills to the development of Ryanair Holdings over the coming years, although a legend like David Bonderman will be a very hard act to follow", Ryanair said. The airline's shares fell 3.2 percent in early morning trading on the London Stock Exchange.
Chief executive Michael O'Leary described the third-quarter loss of €19.6m (£17.1m) as "disappointing", but said it was entirely due to a 6% decline in air fares.
The company said it can not rule out further cuts to air fares and slightly lower full-year guidance as a result of Brexit.
Strong traffic growth of eight per cent at the low-priced carrier was offset by a six per cent fall in average fares. Frankly we do not share the optimism and in some cases the irrational optimism.
His role will change slightly as he will oversee and manage chief executives for each airline brand: Ryanair, Laudamotion, Ryanair Sun and Ryanair UK.
"We think this group structure will enable us to deliver a cost and operating efficiency as each of these airlines will compete with each other for both capital allocations, aircraft to delivery and will also compete with each other to lower our cost", the company said in a statement. And here's the key outcome: five more years for the chief executive.
"Some of the operations are clearly going to be run at the individual subsidiary levels but is Michael O'Leary taking a step back?"
Ryanair said Chairman David Bonderman, whose reappointment to a role he has held for more than 20 years was opposed by 30 percent of shareholders last year, planned to stay on until the summer of 2020, when he will be replaced by Stan McCarthy, the former CEO of Irish food company Kerry Group.
The loss, which the budget airline attributed to cheaper-then-expected air fares, compared to a profit of £92.4 million in the same period a year ago.
The airline said it flew 32.7 million customers in the quarter, an increase of 8%, and recorded revenue of €1.53 billion - up almost 10%.
The announcements came today as part of Ryanair's Q3 results, which showed revenue up 9 per cent to €1.53bn but a net loss of €20m, excluding Laudamotion. In an October profit warning, the company had also blamed a summer of strikes and higher oil prices.
"At that point we feel the market will once again place a premium on Ryanair's sustainable business model, with FY20 costs expected to be down year-on-year".
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