Ryanair is reducing ticket prices

first_imgIrish low-cost airline Ryanair said, with the announcement of business results, that ticket prices for flights to certain destinations could be reduced by up to 9 percent, given the intensified competition in the air transport industry in the next few months.The announcement came after Ryanair achieved 55 percent quarterly profit growth. Profit before tax in the three months to June 30 rose to 397 million euros, driven by stronger demand for Easter, while revenue jumped 13 percent to 1,68 billion euros.The airline says it expects a drop in ticket prices by 5 percent by the end of September and by 8 percent in the next six months, or by the end of March next year. “We expect the pricing environment to maintain a very high competitiveness,” said CEO Michael O’Leary.Ryanair leaders also reiterated warnings about possible major disruptions to flights between the UK and Europe, in the event that a bilateral flight agreement is not reached in the Brexit negotiations. They stressed that this could lead to flight cancellations and relocations. “We want a clear situation so we can plan our schedules for 2019,” CFO Neil Sorahan told the BBC.Airlines Easyjet and Wizz Air also said prices would be under pressure this summer.Source: Business diarylast_img

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