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The chief of Europe’s Ryanair Holdings warned the impact of the prolonged grounding of Boeing’s 737 MAX on the airline’s growth plans may start to spill over to next summer if the airplane is not flying again by November.
Ryanair reported its weakest annual profit in four years and said earnings could fall further as Europe suffers what Chief Executive Michael O’Leary described as “attritional fare wars.” Shares in the airline, Europe’s largest low-cost carrier, fell 6 per cent on Monday after its profit forecast for the year to next March fell short of analyst expectations.
Ryanair reported a 21 per cent drop in quarterly profit on Monday as price wars in several European markets drove ticket prices lower, but it stuck to its annual profit target as passengers continued to spend on onboard extras.