Budget airline Ryanair has posted a net loss of €19.6m for the last three months of 2018. The airline had cut fares in the face of what it called “excess winter capacity in Europe”.
Ryanair carried more passengers and raked in more revenues compared to the same period in 2017 – there were 32.7m passengers compared with 30.4m for the same period a year earlier, as revenue rose 9% to €1.53bn.
Chairman David Bonderman will leave in the summer of 2020, the company announced. The news follows almost 30% of shareholders voting against his re-election at the September AGM last year. He appears to have paid the price for a summer of flight cancellations.
Chief Executive Michael O’Leary did not seem to attract such blame, agreeing a new five-year contract.
O’Leary’s role will change and he becomes group CEO with responsibility for managing chief executives for each airline brand: Ryanair, Laudamotion, Ryanair Sun and Ryanair UK.
O’Leary described said the airline’s latest loss as “disappointing”.
The company’s fuel costs leapt 32% and its staff costs rose 31%, the airline reported, which contributed to operating costs rising 20% to €1.54bn.
Analysts have said high aviation fuel and labour costs have contributed to the overall financial picture.