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"No need of mergers": Ryanair

08/04/2008| 9:17:00 AM| 中文

Published: 01 Aug 2008: Low-cost airline Ryanair has no need to merge with another airline, according to its chief executive Michael O'Leary. <br>

Published: 01 Aug 2008: Low-cost airline Ryanair has no need to merge with another airline, according to its chief executive Michael O´Leary.

According to Reuters, he added that his company will be one of five main flyers left after the industry consolidates.

"Ryanair does not need mergers with other companies," O´Leary said at a press conference in the central Italian city of Bologna. "After consolidation among flag carriers because of expensive fuel, five main companies will remain and Ryanair will certainly be among them," he reportedly said.

Recently, Ryanair, Europe´s largest low fares airline, had reported a first quarter profit of €21m down €118m (or 85 percent). Significantly, the airline had indicated that it would plunge from a profit last year of €439m (£348m) to a loss of up to €60m in 2009 if fuel costs stay high and render many of its cheap flights unprofitable.

According to O´Leary, the emerging economic recession in the UK and Ireland caused by the global credit crisis and high oil prices means that consumer confidence is plummeting.
TAGS: Ryanair | Low-cost airline
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