Labour issues should be sorted by Christmas, says Ryanair's Michael O'Leary
But overcapacity is likely to continue to weigh on average fares in the next few months unless there is a major failure of a rival, O'Leary says
Dublin — Ryanair said on Monday that it hoped to conclude its remaining labour issues by Christmas, signalling a possible end to damaging flight disruptions, which have dragged on its shares. The Irish low-cost carrier, Europe's largest, also said it may have to cut its capacity further this northern hemisphere winter due to high oil costs and intense competition, although these factors were helping it to resolve its difficult industrial relations. "Given the adverse environment that's out there for airlines and the number of job losses being reported in recent weeks both by pilots and cabin crew, there is a much more sensible, common-sense approach being taken by the unions," CEO Michael O'Leary said in a video presentation. Ryanair shares rose 3.7% at 7.55am GMT, despite it reporting a 7% fall in profit during its key April-September season due to high fuel costs, excess capacity and damage to bookings caused by a wave of strikes. That was better than the 9% fall forecast by a pol...
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