The Cancellation of Flights Did not Prevent Ryanair from Gaining High Profit

Business | May 21, 2018, Monday // 11:44| Views: | Comments: 0
Bulgaria: The Cancellation of Flights Did not Prevent Ryanair from Gaining High Profit Bloomberg

An Irish low-cost airline Ryanair said its net profit rose by about 10% in 2017-2018 despite the cancellation of thousands of flights.

Due to the increased numbers of passengers, the net profit rose to 1.45 billion euros ($ 1.7 billion), the company said in a statement. In the current financial year, this profit is expected to fall between 1.25 and 1.35 billion euros due to rising oil prices.

Until 2016, unlike most of its competitors, Ryanair does not fly to main airports but to smaller and far-flung airports, but well connected with bus or rail with major cities, which leads to high airport charges. By 2016, the company's strategy has changed and includes flights to major airports. On average, Ryanair's ticket prices are around 20-40 euros for a one-way ticket and 60-90 euros for a round-trip ticket.

The airline's chief executive is the Irish businessman Michael O'Leary, known for his extravagance and debauchery.

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