Ryanair re-considers aircraft orders after announcing �9.5million loss
STANSTED airline Ryanair has recorded a loss of over �9.5million in the third financial quarter of 2009/10. However the loss, which has been described as disappointing , is being considered as good progress for the company as it was 89 per cent less than
STANSTED airline Ryanair has recorded a loss of over �9.5million in the third financial quarter of 2009/10.
However the loss, which has been described as "disappointing", is being considered as good progress for the company as it was 89 per cent less than at the same time last year.
Recession has bitten hard into the aviation industry but Ryanair has managed to survive as revenue increased by one per cent and they also managed to slash the cost of fuel by just under 20 per cent.
In December 2008 the company saw a loss of �88.7million, but the dramatic 12-month turnaround to bring in more favourable figures in 2009 has impressed chief executive Michael O'Leary.
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He said: "Our Q3 loss is disappointing although better than expected, and a significant improvement on last year's Q3.
"Over the past few months we have witnessed the demise of airlines such as Blue Wings, Flyglobespan, Sky Europe & Seagle Air, and My Air and we expect further casualties this winter.
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He added: "Market conditions remain difficult, although the increasing pace of consolidation and closures among our competitors allied to Ryanair's continuing fleet expansion will lead to further market share gains this year in particular in Italy, Scandinavia, Spain, and the UK."
The airline also confirmed that they have cancelled discussions with aviation construction company Boeing into providing an order of up to 200 aircraft.
But it will proceed with a confirmed order of 112 aircraft up to the end of 2012 which will allow traffic to grow by 85m passengers per year.
Mr O'Leary also added that the recent �1.5billion sale of Gatwick will lead to much needed competition in the London market.