Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Ryanair to cut Italy flights by 25% due to coronavirus

Stock MarketsMar 02, 2020 12:58PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Conor Humphries

DUBLIN (Reuters) - Ryanair (I:RYA) will cut capacity in and out of Italy, its largest market, by 25% for three weeks due to a significant drop off in bookings since a coronavirus outbreak, Europe's biggest low-cost airline said on Monday.

The Irish airline said it did not expect the cancellations to have a material impact in its current financial year, which ends on March 31, and said it was "far too early to speculate" on the impact of the virus on next year's results.

Rivals including British Airways (L:ICAG), easyJet (L:EZJ) and Wizz (L:WIZZ) have already announced cancellations in the wake of disruption from the outbreak, which emerged in China in late December and has spread to more than 50 countries.

"We will make sensible cuts to our schedules over the comings weeks to reflect weaker bookings and changing travel patterns," Chief Executive Michael O'Leary said. "This is a time for calm."

The virus is likely, however, to result in the failure of more European airlines in the coming weeks, he said.

There have been a string of European airline collapses since 2017 that have left thousands of passengers stranded and had a knock-on effect on related industries such as hospitality.

Ryanair said it had notified passengers that it was reducing capacity in Italy by up to 25% for a three-week period from March 17 to April 8, saying there had been a significant drop in bookings during the past week for that period and a "significant step up" passenger no-shows, particularly from and within Italy.

Ryanair's European shares ended trading on Monday down 5% at 11.4 euros, or a drop of 29% from their 2020 peak of 16.07 euros hit on Jan. 10.

Analysts said they expected Ryanair to hit its target for profit in the current financial year of between 950 million and 1.05 billion euros but all bets were off thereafter because of the coronavirus.

"I heard from another airline that January was very good so they (Ryanair) obviously have enough in the bank to make the range," for full-year profit, said Goodbody analyst Mark Simpson, who described the cuts as "sensible."

"Of course, its academic. No one knows how the spring will shape up for the next fiscal year."

Ryanair to cut Italy flights by 25% due to coronavirus
 

Related Articles

American Airlines sees minor impact after 5G rollout
American Airlines sees minor impact after 5G rollout By Reuters - Jan 19, 2022

WASHINGTON (Reuters) - American Airlines (NASDAQ:AAL) said on Wednesday it had seen some delays and four cancellations as a result of new 5G service and some additional impact to...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email