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Ryanair (LON:RYA) reported a disappointing loss of EUR 20 million for the three months ended 31st December 2018, driven by weaker than expected air fares and overcapacity in the European market.
While the carrier maintained its 2019 profit guidance of between EUR 1.0 billion and EUR 1.1 billion, it warned of tough market conditions ahead, adding that it “cannot rule out further cuts to air fares and/or slightly lower full year guidance…”. Revenue increased by 9% to EUR 1.53 billion.
In addition, Ryanair announced an overhaul of the group structure which will see Michael O’Leary become CEO of the holding company, extending his commitment to the group by at least another five years. Mr. O’Leary was previously the CEO of subsidiary company Ryanair DAC.
Shares in Ryanair (LON: RYA) descended by 3% to EUR 11:10 (as of GMT 14:48).