Ryanair to halve fares; predicts more airline failures
12.05.08
Ryanair plans to cut its ticket prices by half despite soaring fuel prices, helping it grow substantially, Michael O'Leary, the company's chief executive, told German paper Frankfurter Allgemeine Sonntagszeitung. He also predicted more airline failures and said that he would leave the airline in 2 - 3 years.
Europe's biggest budget airline plans to double the number of passengers to 80 million and to double the number of planes to 300 within four years, Chief Executive Michael O'Leary said.
He added that the current record highs in oil prices will force some airlines into bankruptcy. World oil prices have rocketed 25 percent since the start of 2008 and have doubled in the past 12 months. If the high prices remain or rise over the next 12 months, some Ryanair competitors will go out of business, Mr O'Leary told the German daily.
Among the victims would be German's second largest airline, Air Berlin, he said, adding that five years from now, Ryanair and Germany's top airline Lufthansa would share the German market.
Mr O'Leary also reiterated plans to step down from his position in the next two to three years.
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