Ryanair sees 50m euro slump in profits
Monday, 20 Jul, 2010
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Ryainair is blaming volcanic ash cloud disruption for a slump in its profits to €93.7m for the first quarter from 136.5 million for the same period last year
Taking exceptional costs of €50 million into account it made a one per cent year on year profit increase for the period.
The airline estimates it cancelled nearly 10,000 flights over the crisis during April and May but said the outlook for the year remained “cautious and unchanged,” and that with traffic and yield continuing to improve it expected to hit its forecast for the year – an expected rise in net profits of between 10 and 15% to between €350m and €375m.
Ryanair chief executive Michael O’Leary called the airspace closures, imposed due to safety fears over the effects of ash on engines “unnecessary”. He said they led to the cancellation of 9,400 Ryanair flights and the loss of almost 1.5m passengers and that it would be some time before the full cost was known. The airline has called for changes in EU regulations which it claims put a disproportionate burden of compensation on airlines, compared to other modes of transport, in the event of cancellations beyond their control.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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