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Ryanair: oil price hikes are fine by us
Ryanair’s ebullient boss Michael O’Leary has reportedly stated that a rise in oil prices will be good for the carrier’s business, because it will “take out” its competitors.
The carrier, which recently proudly announced that it would not be imposing any fuel surcharges, was yesterday forced to defend that decision as it announced first-quarter results.
According to The Independent newspaper, O’Leary said: “It is in our interests for oil prices to go higher. It will take out our competitors. Prices could double to USD80 a barrel (the price was USD44 yesterday) and we would still be profitable.”
Ryanair fleshed out that claim by predicting that yields could fall by as much as 20 per cent this winter, adding that such a move could cause a number of its rivals to collapse.
Finance director Howard Miller reportedly said: “We will put a high amount of pressure on them as we move through the winter.”
The carrier announced that its pre-tax profits rose 28 per cent to 57.8 million euros on sales of 303 million euros, up 23 per cent. Passenger numbers grew 28 per cent to 6.6 million in the first quarter.
Report by Tim Gillett, News From Abroad
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