The Irish low-cost giant Ryanair plans to cut fares sharply in coming months, but said it expects to boost profit by boosting its share of an increasingly competitive European short-haul market.
The airline, Europe’s largest by passenger numbers, outlined the planned cut to fares on Monday as it reported net profit of €1.24 billion (Dh5.11bn) for the year ended March 2016, an increase of 43 per cent on the previous year.
Fares will fall by an average of 7 per cent in its current financial year, which ends on March 31, with fares falling by between 10 and 12 per cent in the winter months, the chief executive Michael O’Leary said.
“If there is a fare war in Europe, then Ryanair will be the winner,” he said.
Ryanair expects to carry 116 million passengers in the year to March, an annual increase of 9 per cent.
The carrier said it “cautiously” expected net profit to increase by approximately 13 per cent in the year to March 2017, to between €1.38bn and €1.43bn, less than the consensus of €1.47bn in a poll of over 10 analysts compiled by the company ahead of the results.
Competitors including the British Airways-owner IAG, Lufthansa and Air France-KLM have warned recently about increasing capacity in the sector and the impact on tourism from militant attacks in Paris and Brussels.
The rival easyJet this month said strong demand for beach holidays was making up for a drop in travelling in the wake of the attacks.
Ryanair shares closed Friday up 20 per cent compared to a year ago at €13.16, while the Thomson Reuters European Airline Index was down 3 per cent. Ryanair shares have fallen 12 per cent since the start of the year, in line with the index.
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Killing of Qassem Suleimani
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
When Umm Kulthum performed in Abu Dhabi
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'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
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1. Fasting
2. Prayer
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4. Shahada
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Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
