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Ryanair to cut winter capacity to 40%
StockMarketWire.com
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Budget airline Ryanair has cut its capacity for the winter season from 60% to 40%, citing continued travel restrictions across the European Union (EU).
Forward bookings in November and December weakened 'materially', the company said, leading to 'significant base aircraft cuts' in Belgium, Germany, Spain, Portugal and Vienna.
The company has also cut its full-year passenger estimate to 38 million, although this could be revised down further if travel restrictions continue.
Chief executive Michael O'Leary said the schedule cuts had been forced on Ryanair by 'government mismanagement of EU air travel'.
'Our focus continues to be on maintaining as large a schedule as we can sensibly operate to keep our aircraft, our pilots and our cabin crew current and employed while minimising job losses,' he said.
However, he added that more redundancies, unpaid leave and job sharing arrangements were 'inevitable'.
Story provided by StockMarketWire.com
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