The Cancellation of Flights Did not Prevent Ryanair from Gaining High Profit
22 May, 2018, 21:02 | Author: Veronica Peterson
The airline's profit for FY 2019, he said, will fall to a range of 1.25 billion euros to 1.35 billion euros due to higher staff and oil prices and lower fares.
Ryanair's Irish union has given the company until May 24 to agree to new working practices or it will ballot pilots for possible industrial action. "If that continues to build, it's something we may have to look at again". The airline expects a profit after tax of between €1.25 billion and €1.35 billion, lower than the €1.37 billion expected by analysts, with costs, including staff and fuel, expected to rise by 9 per cent.
"Over the next 12 months we are putting in all the costs that we will need to be able grow the business to 200 million passengers", O'Leary said in a video presentation following quarterly results.
Ryanair, which previously operated only Boeing Co. aircraft, will expand the fleet at Austria's LaudaMotion to many as 50 Airbus A320s over four years and the narrow-body model could eventually account for 20 percent of the group's overall roster, Chief Executive Officer Michael O'Leary said in an interview Monday. While the prospect of 380,000 dwellings coming up for sale might be music to some ears, they pointed out that it would also mean a big reduction in available private rentals.
This forced the budget carrier to recognise unions and raise pay. Ryanair said it is now 90% hedged for 2019 at US$58 per barrel, well below the current spot prices of nearly US$80 per barrel.
Earlier this year it surprised aviation observers by buying a chunk of Austria-based airline LaudaMotion - and the Irish company is now sniffing around for more acquisitions.
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The group expects staff costs to rise by almost €200mln in the next year, reflecting higher pay for front line employees and an increase in headcount.
Ryanair had cancelled 20,000 flights past year, affecting 700,000 passengers globally.
The airline believes passenger numbers will grow 7 per cent to 139 million, and that it will fill 95 per cent of the seats on its craft.
But Ryanair expects some upward pressure on airfare later in the year "as significantly higher oil prices impact margins, especially those European Union airlines (that) continue to expand despite having no prospect of achieving profitability".
Forward bookings are strong, but pricing remains soft. Ryanair is anticipating fares will drop by 5% in the first quarter, before improving 4% in the second quarter.
The carrier said it sees full-year net income of 1.25 billion to 1.35 billion euros, less than the 1.45 billion euros for last year.
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That's despite the company reporting that capital expenditure in the quarter was up 200 percent to 6.3 billion yuan. Profit was also helped by one-time gains of nearly 7.6bn yuan from its investments in arenas like video and news.
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